OPEC secretary general reveals $10 trillion spent on energy transition over 25 years

OPEC Secretary General Haitham Al Ghais has said that over the past 20-25 years, the world has already spent nearly $10 trillion on the energy transition.

Al Ghais made these remarks at the India Energy Week conference, Caliber.Az reports via Russian media.

He noted that however, the share of renewable energy sources in the global energy mix still accounts for only 2-3 per cent.

Al-Ghais expressed his view that the debate between renewable sources and fossil fuels should not be taking place.

The OPEC secretary general questioned why renewable energy sources and fossil fuels should compete or threaten each other’s existence.

He pointed out that fossil fuels made up 82 per cent of the energy mix more than 40-50 years ago, and still account for 80-81 per cent today. The world has spent almost $10 trillion on the so-called energy transition over the past 20-25 years, yet renewable sources still make up only 2-3 per cent of the global energy mix.

The OPEC secretary general also emphasised that neither he nor OPEC is opposed to the use of renewable energy. 

He added that OPEC advocates for a balanced approach, emphasising that the key concept is energy security. Oil plays a crucial role in ensuring global energy security, and without it, the world would come to a halt. 

India Energy Week has officially opened, bringing together industry leaders, innovators and professionals from around the world for this highly anticipated global energy event.  

Over the next four days, this dynamic platform will foster high-level discussions, business networking and knowledge sharing, driving collaboration across the energy sector.  

The India Energy Week Conferences features thought-provoking sessions led by global energy leaders, policymakers and experts, covering critical topics such as energy security, sustainability, emerging technologies and the transition to a low-carbon future.  

With over 700 global exhibitors showcasing cutting-edge technologies and 70,000+ attendees exploring the latest advancements, the event offers an unparalleled opportunity to discover innovations, forge strategic partnerships and shape the future of energy on a global scale.

By Naila Huseynova