G20 china_web

Energy markets and access
9,000,000,000
Estimated
global
population by 2040
Building a
sustainable global
energy system
The Organization of the Petroleum Exporting Countries (OPEC)
welcomes the Paris Agreement made last December, writes
Abdalla Salem El-Badri
KEY TAKEAWAYS
We need to utilise fossil fuels and
renewable energy sources
An increasing global population will
need fossil fuels for energy
Technology can help provide
cleaner, more efficient energy
OPEC members have been
involved in discussions about
combatting climate change from
the start of the 21st Conference
of the Parties last December,
where ll members submitted their Intended
Nationally Determined Contributions.
With this in mind, OPEC is committed
to helping develop a realistic energy path
in the years ahead. The basic challenge has
two components. First, to supply enough
energy to meet demand for all and help
provide access to the billions who still
have no access to modern energy services.
Second, we must ensure that this is done in
a sustainable way that balances the needs of
people in relation to their social welfare, the
economy and the environment.
The scale of the challenge means that
we will need to use all available energies.
It is crucial that we appreciate what each
energy source can provide us with as we
plan for the future.
There is no doubt that renewables, such
as solar and wind, will continue to expand
their role significantly. OPEC members
recognise and support their development.
We are making many investments in the
renewables sector. Nuclear and hydropower
are also expected to maintain their share in
the global energy mix.
In total, non-fossil fuel energy is
expected to make up about 22% of the
global energy mix by 2040.
That means that fossil fuels will still
need to supply more than three-quarters
of the energy mix by 2040. Of course, these
numbers may vary slightly, but given current
energy and technology expectations, we
do not see any outlook predicting that nonfossil
fuels will come close to overtaking
fossil fuels in the decades ahead.
Fossil fuels remain abundant, and are
necessary for our future – as they have been
an essential part of our past. They have
positively affected the lives of billions of
people for centuries, providing heat, light
and mobility. For oil, the products derived
from this precious natural resource are
fundamental to our daily lives. They will
also be vital to many more billions of people
in the years ahead.
Advances and solutions
We need to appreciate that the problem
is not fossil fuels themselves. It is the
emissions that come from burning them.
OPEC does not believe the answer is to stop
using fossil fuels. We believe the emissions
challenge can be overcome with solutions
found in technologies that reduce and
ultimately eliminate these emissions.
Our members have already invested a
great deal of time, money and brainpower
to explore and help develop technological
solutions to the challenges posed by
climate change. At OPEC we recognise the
importance of continually trying to advance
210 G20 China: The Hangzhou Summit • September 2016 G7G20.com