(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 2. Investments should
become the main part of the decarbonization plan, Secretary-General
of the International Energy Forum (IEF) Joseph McMonigle said at
the 27th Energy Forum in Baku, Trend reports.
'The renewable energy sector has great potential. However,
serious investments are needed in the development of innovative
technologies,' McMonigle noted.
According to him, IEF put forward an initiative to create a
common analytical database.
He further said that 2.2 million barrels of oil are being
produced per day, and amid the conflict between Russia and Ukraine
and sanctions against Russia, oil production in the world will
decrease by the end of summer this year.
'High energy prices and volatility are currently the main
problems. Even before the crisis between Russia and Ukraine, the
world faced a sharp rise in energy prices,' McMonigle reminded.
'We are inviting the OPEC countries to the symposium to consider
long-term and short-term prospects for cooperation in supplying
demand and sustainable development,' added the secretary
general.
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