Investments in oil production should be increased to $500 billion a year. This was called for by the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haytham al-Ghais at an energy conference in Cairo, writes Bloomberg.
Such investments, he said, will make it possible to meet the world’s future needs. In addition, they will make the climate agenda “more balanced and fair”.
Al-Ghais noted that it is important for parties involved in climate negotiations to pause for a moment and look at the overall picture. The head of OPEC is confident that the transition to renewable energy sources must be orderly, inclusive and meet the safety of all market participants.