Kuwait Oil Min.: KPC's 2040 Strategy Robust, Ambitious About Energy Transition

12/12/2023 3:06:39 PM

(MENAFN- Kuwait News Agency (KUNA)) DOHA, Dec 12 (KUNA) -- Kuwaiti Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barrak said Tuesday the Kuwait petroleum Corporation's (KPC) 2040 strategy program is robust and ambitious about energy transition and carbon emission reduction.
Addressing a ministerial debate of the 12th Arab Energy conference in Doha, the minister, who doubles as Minister of State for Economic and investment Affairs, said the region's countries are serious about the issue of renewable and clean energy, boasting that Kuwait, Saudi Arabia, Qatar, Egypt, UAE, Jordan and Algeria are leading this transition.
Al-Barrak, also KPC's Board Chairman, said the Middle East and North Africa countries, though rich in oil and gas resources, have boosted their renewable energy capabilities to 57 percent between 2022 and 2023.
Pointing out attempts to reduce reliance on oil as a source of energy, the minister wondered about the insistence on depriving many peoples and countries, mostly developing countries, of being the source of an economy that can take them within 30 years to come to a life where they can enjoy welfare, security and stability.
He added that Africa needs around USD 25 billion annually for investment in energy until 2030, noting that many African peoples and others are still without access to electricity.
For his part, Bahraini Minister of Oil and Environment Mohammad bin Daina said that energy transition is not meant to serve the United Nations Framework Convention on Climate Change, but to serve peoples.
He added that fuel is a basic part of some countries' economies and incomes so it should be maintained and consumed in a balanced way.
For his part, the Director-General of the Arab Planning Institute Abdullah Al-Shami said that there are many challenges pertinent to energy, including steady growth in the question of cities and demand for housing that consumes 29 percent of oil and gas.
He added that oil exporting countries, which are mostly in the Middle East, are locked in several problems, including high oil production costs and lack of necessary oil technology as well low foreign investment.
The 12th Arab Energy Conference kicked off in Doha on Monday, with the participation of many officials including Kuwait's oil minister. (end)
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