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A U.N. panel this week called for unprecedented changes in how
the world consumes energy and a dramatic rise in the use of
renewable power to contain global warming and protect the planet
from heatwaves, floods and rising sea levels.
"We have significant concerns with some of their conclusions,
not to talk about their solutions going forward," Mohammad
Barkindo of the Organization of the Petroleum Exporting
Countries told an Oil & Money conference in London.
The past 18 years have been the warmest on record since the
1850s when measurements began, according to U.N. scientists who
attribute the temperature rises and extreme weather mainly to
greenhouse gases including carbon dioxide from fossil fuels such
as coal, oil and gas.
"It is not about choosing one energy source against another, as
it is being suggested by some of our colleagues in the
scientific community. In some quarters we hear stories that
suggest renewables are our only energy future. This, with all
true respect to our friends, is clearly misguided," he said.
The U.N. report said renewable energy would need to supply 70-85
percent of electricity by 2050 to stay within a 1.5 degrees
Celsius limit, compared with about 25 percent now.
Barkindo said a "bombardment of advocacy" for alternative energy
sources was impacting sources of financing and investment in the
hydrocarbon industry with potentially dangerous consequences for
society and the global economy.
To contain the rise in global temperatures at 1.5C, the U.N.
Intergovernmental Panel on Climate Change said man-made global
net carbon dioxide (CO2) emissions would need to fall by about
45 percent by 2030 from 2010 levels.
It said emissions should be "net zero" by mid-century.
"Oil is not toxic at the end of the day, emissions are toxic,"
Barkindo said, adding that technologies to reduce and ultimately
eliminate emissions from fossil fuels should be the focus of
attention.
OPEC raised its forecast for growth in global oil demand last
month. It now sees 2020 oil consumption reaching 101.9 million
barrels per day (bpd), up 1.2 million bpd from last year's
report. Longer-term, oil demand is expected to increase by 14.5
million bpd to 111.7 million bpd by 2040.
(Reporting By Shadia Nasralla; editing by David Evans)
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