Minister of State for Energy Affairs and Qatar Petroleum President and CEO HE Saad Sherida Al-Kaabi stressed that energy transition is a shared responsibility that requires the active participation of oil and gas producers, legislators, governments, and consumers across the globe, and should be driven in an equitable way.

The minister made the remarks during the opening ministerial session of the Gastech Exhibition & Conference in Dubai, to discuss driving the global energy transition. The event was also participated by the UAE Minister of Energy HE Suhail Mohamed Al Mazrouei, Turkey Minister of Energy and Natural Resources HE Fatih Dönmez, Indonesia’s Minister of Energy and Mineral Resources HE Arifin Tasrif, and OPEC Secretary-General HE Mohammad Barkindo Sanusi.

Minister Al-Kaabi noted that the energy transition is underway but he said ‘we must all be cautious of the euphoria that is driving unrealistic rhetoric around the transition’ and instead tackle the issues that can be solved today.

As an example, His Excellency highlighted that more than 30% of the world’s electricity today is generated with coal.

By simply switching from coal to gas, we can cut the associated CO2 emissions by at least one half.

He also warned that pressuring producers into stopping oil and gas investments even for sustaining current production will have dire consequences, which can be felt severely by consumers.

Leaving no one behind

In presenting his vision for an energy transition that leaves no one behind, Minister Al-Kaabi said that we should not forget that there are almost one billion people on our planet deprived of basic electricity and fuels.

Let’s not forget them by only focusing on the richer countries and what they can afford and do.

Citing the North Field Expansion project, which will raise Qatar’s LNG production from 77 million tonnes per annum (MTPA) to 126 MTPA, Minister Al-Kaabi reaffirmed Qatar’s commitment to investing in natural gas projects.

This is our responsibility to the gas market and a big part of the transition journey we have embarked upon. We are adding four mega-LNG trains that have already been sanctioned and another two mega-trains will be sanctioned in the first quarter of next year.

He also called on governments to assume their role in guiding energy transition by putting practical and pragmatic plans in place. He said that legislators and governments have a role to play. As an example, he cited that we do not have a consistent approach to carbon pricing or any other concrete mechanism that induces the right behaviour towards energy transition. He said that many governments are calling for net-zero targets by 2050, but with no real plans or clear path to achieve that. This is not helpful to either governments or the public.

The minister concluded his remarks by stressing that the oil and gas industry is part of the solution in the energy transition and fundamental to the growth of the global economy.

We have to join hands to make sure that this mammoth task that we are embarking on can be practically achieved. We need to collaborate and be realistic.

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