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Informist, Tuesday, Feb. 11, 2025

 

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--OPEC Secretary General: OPEC all about balancing renewables, fossil fuel
--CONTEXT: OPEC Secretary General Al-Ghais speaking at India Energy Week 
--Oil minister: Oil, gas to stay, but transition to renewables inevitable 
--CONTEXT: Oil Minister Puri speaking at India Energy Week 2025 
--Oil minister: Green hydrogen, nuclear energy to drive energy transition 

 

NEW DELHI – The Organization of the Petroleum Exporting Countries has a balanced approach to renewables and fossil fuels in achieving energy security, Secretary General Haitham Al Ghais said. Oil remains crucial in maintaining the energy security that drives the global economy, he added.

 

"Now, don't misunderstand me. I'm not against renewable energies. In fact, our (OPEC) countries are some of the leaders in the integration of renewable energies, but we are all about taking a balanced approach," Al Ghais said at the India Energy Week conference Tuesday. Shifting away from fossil fuels requires a lot of pragmatic thinking, he added.

 

Countries are accelerating the transition to renewable energy to lower carbon emissions, combat climate change, and limit global temperatures within 1.5 degrees Celsius above pre-industrial levels. India aims to achieve net-zero emissions by 2070.

 

Though India has committed to cutting carbon emissions, the government has a moral duty to supply affordable energy to domestic consumers, Oil Minister Hardeep Singh Puri said at the event. Many have forecast that oil and gas demand are likely to peak by 2030, but these fuels are going to "stay around for a while", he said. "And I don't want to define the while," he added.

 

At the same time, Puri said the transition to clean energy is unavoidable. "I think the change is going to come gradually from green hydrogen and nuclear," he said.

 

The minister noted that biofuels will play a crucial role in cutting down carbon emissions. "There were 19 new flex-fuel vehicles on display (at the Bharat Mobility Expo in January), I thought they were prototypes. (But) no, they have entered the market three months back," Puri said. Flex-fuel vehicles run on 100% ethanol.

 

He pointed out that the real revolutionary change will happen when green hydrogen prices fall. "It will come down to around $3 per kilo, it will take a little time, but not more than 5-7 years," the minister said. "And the electrolysers are around, you will see a rematch."

 

Puri also said India will make solar energy at cheaper rates with increased production of green ammonia and electrolyser.

 

Reported by Afra Abubacker, Pallavi Singhal, and Priyasmita Dutta

Edited by Subhojit Sarkar

 

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