Saad Al Barrak affirmed his country’s commitment to reach net zero by 2050 and its focus on investing in alternative and environmentally friendly energy sources to enhance its stature as a global energy hub…reports Asian Lite News
Saad Al Barrak, Deputy Prime Minister, Minister of Oil and Minister of State for Economic and Investment Affairs of Kuwait, affirmed that the Organisation of the Petroleum Exporting Countries (OPEC) plays a vital role in stabilising the global oil market.
In his statement to the Emirates News Agency (WAM) on the sidelines of the 8th OPEC International Seminar, which began on Wednesday in Vienna, Al Barrak said that Kuwait aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024.
He also highlighted Kuwait’s positive role in supporting OPEC, fostering consensus and collaborating with member countries and customers worldwide to contribute to the stability, resilience and development of the market.
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Oil and its derivatives are a fundamental component of the Kuwaiti economy, Al Barrak added, noting that as part of its strategic plan, Kuwait aims to invest over US$300 billion in the energy sector by 2040.
Global investment in the energy sector faces significant gaps that need to be filled to prevent crises that could adversely affect the markets and the global economy, he further added.
Regarding the UAE’s hosting COP28 at the end of 2023 and Kuwait’s role in ensuring the event’s success, Al Barrak said, “We are ready to collaborate with the UAE to make this significant climate and environmental event hosted by the region a success. The success of the conference will be the culmination of international climate action and the cooperation and joint efforts to protect the planet.”
He then affirmed his country’s commitment to reach net zero by 2050 and its focus on investing in alternative and environmentally friendly energy sources to enhance its stature as a global energy hub.
Portugal calls COP28 a ‘turning point’
Ana Fontoura Gouveia, Portuguese Secretary of State for Energy and Climate, said that COP28 will be a key turning point for the world, paving the way for achieving common international goals.
During her participation at the 8th OPEC International Seminar in Vienna, Austria, Gouveia told the Emirates News Agency (WAM) that her country is looking forward to participating in COP28, noting that Portugal’s involvement in the global event will include constructive discussions that take into account the specific conditions of each country.
Oil and gas remain crucial elements in the global energy mix, necessitating research, technology and innovation efforts in these sectors to reduce carbon emissions and support current global environmental and climate protection efforts, she continued, adding that Portugal is currently assessing the incorporation of hydrogen into natural gas supplies.
Portugal also aims to strengthen its leading efforts in energy transition, with a target of generating 85 percent of total electricity production from renewable energy sources by 2030, as well as continuing its work towards climate neutrality by 2045, Gouveia stated.
“Our natural resources are our renewable sources, so when we invest in renewable energy, it is an investment in the security of our resources, enabling us to attain reasonable costs and create a competitive energy sector,” she said.
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