The Energy Transition Will Be Impossible Without Fossil Fuels
- OPEC members and other participants of ADIPEC2021 are calling on governments and international institutions to be realistic about the global energy transition
- While countries like the UAE and Saudi Arabia are ready to embrace the energy transition, they argue that nations need to accept the role of fossil fuels in the global energy mix
- African energy nations, in particular, have supported this message, claiming that they will be left behind if funding and development of their fossil fuel industries dries up
A week after COP26 came to an end, the global energy industry is now turning its focus to Abu Dhabi’s annual international oil and gas conference ADIPEC2021. A range of international oil companies, national oil companies, and oilfield service companies are convening to discuss not only the impact of the COP26 agreements but also the other challenges facing the industry.
The conference, considered one of the most important events of the year for the sector, will have to deal with a wave of criticism and negative attention from the media, Western governments, and activist shareholders. At the same time, the call for realism and transparency regarding the energy transition and climate change actions is growing. During the opening speech of ADIPEC2021, ADNOC’s CEO Sultan Al Jaber frankly addressed critical points that will be on the table over the next decade. Al Jaber highlighted the issues faced by the industry in his opening statement: “we meet at a historic moment. The global community has just concluded COP26… and, on balance, it was a success. Yet, current energy dynamics have revealed a basic dilemma. While the world has agreed to accelerate the energy transition… it is still heavily reliant on oil and gas“.
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