The Organization of Petroleum Exporting Countries (OPEC) says that its member countries are investing in 4 technologies to reduce emissions.
According to its statement released today and titled “Whose moment of truth”, OPEC called into question the declaration by the International Energy Agency (IEA) that the oil and gas industry faces a moment of truth – choosing between the shift to clean energy or fueling the climate crisis.
OPEC stated further that its member countries are actively involved in emissions reduction strategies, citing four technologies that these member countries are using to reduce emissions. The technologies include, Carbon capture utilisation and storage (CCUS), Direct air capture, Carbon dioxide removal, Clean hydrogen
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In its November 2023 “Oil and Gas Industry in Net Zero Transitions” report, the IEA said that the oil and gas industry needs to stop fueling the climate crisis.
OPEC also stated that it believes that the proposed IEA Framework to assess the alignment of company targets with the net zero emissions (NZE) Scenario is a tool intended to curtail the sovereign actions and choices of oil and gas-producing developing countries, through pressuring their National Oil Companies.
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