DUBAI – The Organisation of the Petroleum Exporting Countries (OPEC) has delivered a robust defense of the oil and gas sector just days before the commencement of COP28, the largest-ever climate talks. This move by OPEC is seen as a direct response to the International Energy Agency (IEA) and underscores the intensifying debate on how to effectively address global warming.
In a statement issued on November 27, OPEC asserted that the IEA has unfairly criticized the industry for its alleged role in the climate crisis. The statement specifically took issue with a recent report from the Paris-based agency. OPEC emphasized that the oil industry is actively adopting renewable energy, with significant investments being made. The industry is also committed to developing technologies aimed at reducing emissions, according to OPEC.
OPEC Secretary-General Haitham Al Ghais criticized the IEA’s approach, stating, “The manner in which the IEA has unfortunately used its social media platforms in recent days to criticize and instruct the oil and gas industry is undiplomatic. OPEC itself is not an organization that would prescribe to others what they should do.”
COP28 is set to commence on November 30 in Dubai, with the summit’s president, Sultan Al Jaber, also serving as the head of the OPEC producer’s state oil company. This dual role makes the event one of the most controversial climate summits to date. On the same day, OPEC and its non-member partners, including Russia, are scheduled to convene online in a postponed meeting to reach an agreement on production levels for 2024.
OPEC contested a framework proposed by the IEA, which aimed to align company targets with net-zero goals. The group argued that this tool is designed to limit the sovereign actions and choices of oil- and gas-producing developing countries by exerting pressure on their national oil companies. Additionally, OPEC defended the importance of carbon capture technology in addressing environmental concerns.