DUBAI: Achieving global energy security will be vital to achieving long-term climate change objectives and economic growth, delegates to the World Government Summit (WGS2022) heard today during a lively panel debate on the question: ‘Is the world ready for a future without oil?’
The issue of energy security and the continuing need for investment in oil to increase capacity dominated the discussion between His Royal Highness Prince Abdulaziz Bin Salman Al Saud, Minister of Energy, Kingdom of Saudi Arabia, Masrour Barzani, Prime Minister of the Iraqi Kurdistan Regional Government, and Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.
H.R.H. Prince Abdulaziz Bin Salman Al Saud explained how energy security was a vital pillar for the future. "You cannot attend to climate change without getting energy security and without that you do not have economic security and economic growth," he said.
He reaffirmed the importance of oil suppliers within the OPEC+, which includes Saudi Arabia and the UAE, in continuing to supply global markets. "In fact, if it was not for OPEC+ we would not be in a position to be celebrating the sustainable energy market to its current level."
For his part, Al Mazrouei reaffirmed the continuing need for investment in efficient and cost-effective hydrocarbon infrastructure to increase production and help meet global demand.
"It is also interesting that six months ago we were all talking about sustainability and no one was talking about energy security but that has totally changed today."
Masrour Barzani, Prime Minister, Kurdistan Region of Iraq, added, "As we move forward, we need to be aware of the different dangers that regions will face from a geopolitical and economic perspective and recognize that in a region like ours we do see interference that create security and economic challenges that need to be overcome.
"And it is important to be aware of the behaviour seen by actors in different regions and to study what their intentions will be."
The panellists believe that the world is currently not able to consider a future without oil but have a shared commitment to ensuring that while investment in hydrocarbon resources is essential – this will have a hugely positive impact on a successful energy transition of the future and be a key pillar in the battle against climate change and ensuring economic growth and prosperity.