OPEC considers the shift from oil to renewables to be risky

According to the Organization of Petroleum Exporting Countries (OPEC), the narrative that the energy shift is from oil and other fossil fuels to renewables is “misleading” and “possibly hazardous.”

This comes only hours After the release of the Glasgow Climate Pact, which contains a reference to ‘phasing down’ fossil fuel subsidies and coal in its wording.

“The science tells us that there are various methods to reducing emissions,” OPEC added. There is no such thing as a one-size-fits-all strategy for nations or sectors.”

It went on to say that the world would continue to be thirsty for all energy sources: “The delicate balance between cutting emissions, energy affordability, and security need comprehensive and sustainable policies that hear and listen to all voices.”

“Choosing one of these over the others may result in unforeseen effects, market distortions, increased volatility, and energy shortages.”

Earlier today, OPEC Secretary-General Mohammad Barkindo stated that for the first time at COP26, oil and gas were “targeted” as having no role in the energy transition.

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