OPEC sec gen says energy transition can not exclude fossil fuels
The COP 26 climate change conference largely excluded the oil and gas industry, OPEC Secretary General Mohammad Barkindo told an energy conference on Wednesday, arguing that producers need to be included in planning for a transition to cleaner fuels.
Speaking at the World Petroleum Congress in Houston via webcast, Barkindo took up the themes of several earlier speakers at the conference, arguing a lack of investment in fossil fuels could lead to energy shortages, market imbalances and higher prices. "If the necessary investments are not met, it could have knock on implications and leave long-term scars, particularly for security of supply – affecting not only producers but consumers too," said Barkindo.
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