September 08, 2008

OPEC calls on West to fund carbon capture research

MEED reported that OPEC, in an effort to tackle climate change, has called on industrialized countries to take the lead in funding the development of carbon capture technology. It predicts that global energy use will grow by 50% by 2030, due to population growth and economic development, with fossil fuels likely to provide the majority of that energy.

Mr Abdalla El Badri secretary general of OPEC said that “The contribution of renewables will remain modest in the foreseeable future.” He added that OPEC aims to reduce its environmental footprint, with a key element being the development of cleaner fuel technologies.

He pointed to progress made to reduce gas flaring and vehicle emissions and the fact that Algeria is running 1 of the 3 carbon capture and storage demonstration projects in the world. Other member states are researching the use of carbon dioxide for enhanced oil recovery. He added that “However, we believe that, over and above our own efforts, industrialized countries should take the lead in the funding and execution of large carbon capture and storage demonstration projects.”