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Renewables can’t overtake oil in decades –OPEC

Okechukwu Nnodim, Abuja

The consumption of renewable energy cannot come anywhere close to overtaking oil and gas usage in the decades ahead, the Organisation of Petroleum Exporting Countries said on Wednesday.

Secretary-General, OPEC, Mohammad Barkindo, said this in his special address at the S&P Global Platts Americas Petroleum and Energy Conference, with the theme, ‘The pursuit of global multilateralism to help drive the global energy transition’.

Barkindo observed that there were some who believed the oil and gas industries should not be part of the energy future, but should be consigned to the past, and that the future was one that could be dominated by renewables and electric vehicles.

He said, “In response, it is clear that many OPEC member countries have great solar and wind resources, and huge investments are being made in this field. OPEC welcomes the development of renewables.

“However, we do not see any reputable outlook projecting in their base cases that renewables will come anywhere close to overtaking oil and gas in the decades ahead.”

He stressed that it was important to state clearly that science did not tell that oil would be consigned to the past, adding that the statistics related to the blight of energy poverty did not tell us this either.

“We fully support the science. This is a given. We do not deny the existence of climate change. What the science and statistics tell us is that we need to reduce emissions and use energy more efficiently,” the OPEC scribe stated.

He added, “Renewables are coming of age, with wind and solar expanding quickly, but even by 2045, in our World Oil Outlook 2020, they are only estimated to make up just over 20 per cent of the global energy mix.

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