On fossil fuels, "COP28 is the moment of truth" for the IEA, but OPEC does not agree

Fossil fuel producers reject International Energy Agency accusations:“Don't point fingers.”But in the meantime they invest only 1% in clean energy.

That i fossil fuels are the main cause of pollution and the production of climate-changing emissions, is now a thesis supported by the entire scientific community.Within this, the report had particular relevance Oil and gas industry in net zero transitions of the International Energy Agency (IEA), which invited oil and gas producers to change their approach:“Oil and gas producers are located faced with crucial choices on their role in the global energy system, against a backdrop of a worsening climate crisis fueled largely by their core products.The sector must adopt a more responsible approach and contribute positively to the new energy economy,” the report says.

The response from OPEC, the main oil cartel of the countries in the Middle East, was not long in coming, but it seems to come from another planet.“OPEC is not an organization that prescribes to others what they should do. Pointing fingers is not a constructive approach.It is important to collaborate and act with determination to ensure emissions reductions and people's access to the energy products and services they need to live a comfortable life." was the reply of the Secretary General of OPEC, Haitham Al Ghais.

IEA criticizes oil producers ahead of COP28

There Cop28 in Dubai must represent, according to Iea, the “moment of truth” for those who continue to produce fossil fuels.In fact, says the European agency, “as the world suffers the impacts of an increasingly serious climate crisis, continuing business as usual is neither socially nor environmentally responsible”.

Currently, oil and gas companies represent only 1 percent of investments in clean energy globally.While the same companies invest around 800 billion dollars in fossil fuels every year, which is more than double what is expected from a path to limit the increase in temperatures by 1.5 degrees.

“At present, companies with targets to reduce their emissions represent less than half of global oil and gas production,” continues Lea, while “the production, transportation and processing of oil and gas they produce almost 15 percent of global greenhouse gas emissions energy-related, equal to all energy-related greenhouse gas emissions in the United States.To align with a 1.5 degree scenario, emissions from the sector must fall by 60 percent by 2030."

OPEC's response:“Fossil industry vilified as responsible for climate crisis”

OPEC's first reaction “The way the IEA has used its social platforms in recent days to criticize and educate the oil and gas industry is nothing short of diplomatic.Furthermore, it is ironic that the IEA, an agency that has repeatedly changed its narratives and predictions in recent years, is now addressing the oil and gas industry and saying this is the moment of truth,” Haitham Al responded. Ghais, who in turn criticizes the agency for having adopted "an extremely narrow gaze towards the challenges we face."

OPEC believes that the IEA proposals are rather an instrument aimed at limit sovereign actions and choices of developing oil and gas producing countries.For the producer cartel, coincidentally, the emphasis must be placed on reducing emissions, not on the choice of energy sources used.“The IEA – continues Al Ghais – downplays issues such as energy security, access to energy and economic accessibility.Furthermore, unfairly smears the industry as responsible of the climate crisis."The recipe, therefore, of oil producers lies in the capture and storage of CO2:“Our industry is embracing renewable energy, with major investments, and is investing in technologies to reduce emissions, such as direct capture of CO2 from the air, carbon dioxide removal and clean hydrogen.Some OPEC member countries are world leaders in this area."

On CCS, or the capture and storage of CO2, Al Ghais criticizes the IEA's approach, which he considers illusory.But the Agency's data speaks clearly:“CO2 capture cannot be used to maintain the status quo.Limiting the temperature increase to 1.5 degrees would require the capture and storage of 32 billion tons of CO2 by 2050, a completely inconceivable amount, of which 23 billion tons would be captured directly from the air.The amount of electricity needed to power these technologies would be greater than the entire world's electricity demand today."

In short, the message from the agency led by Fatih Birol cannot be clearer than this:“The progress of clean energy will continue with or without oil and gas producers.However, the journey to net zero emissions will be more expensive and difficult to navigate if the sector does not get on board.”