OPEC member countries have been involved in climate change negotiations and the implementation of the convention since its inception, the organization said in its Monthly Oil Market report.
The Paris Agreement on climate change (COP21) officially entered into force on Nov. 4, having earlier passed the threshold of 55 nations which account for more than 55 percent of greenhouse gas emissions in October.
More than 100 of the 197 parties to the Convention have ratified the agreement ahead of the UN Climate Change Conference, to be held in Marrakech, Morocco from Nov. 7 to 18.
The implementation of the Paris Agreement on climate change highlights the potential of large-scale deployment of carbon capture, utilization and storage (CCUS), OPEC said. “CCUS are viewed as essential for achieving the objectives of the Paris Agreement,” it said.
Supporting research and development efforts could reduce the cost of deployment, making CCUS a viable component in a global emissions portfolio, the cartel emphasized.
The United Arab Emirates has opened a commercial-scale CCUS facility in Al Reyadah earlier this month in recognition of this potential. The facility is a joint venture between state-owned Abu Dhabi National Oil Co. (ADNOC) and Abu Dhabi’s Masdar.
In this regard, the Paris Agreement could play a critical role in gearing its support mechanisms to promote CCUS development and deployment, OPEC said.
The oil industry already has a history of over 40 years of addressing environmental impacts by lowering sulfur dioxide emissions, improving energy efficiency, integrating cogeneration into production systems and utilizing CO2 for enhanced oil recovery (EOR), according to OPEC.
Enhanced oil recovery using CO2 -- in which carbon dioxide is injected into oil reservoirs to enhance the amount of oil that can be recovered -- has been commercially used for several decades, primarily in North America.
CO2 utilization in EOR should be promoted through technical and financial support to facilitate its spread to the developing world, OPEC said.
The organization also said it was also important to consider the strengths that various energy sources could bring to the global effort of COP21.
"It has been said that there is no ‘silver bullet’ for climate actions because no single energy source can achieve sustainability on its own.” OPEC said. “Across the spectrum – from renewables to coal and hydro to nuclear – all energy sources face varying barriers and hurdles, and local circumstances will have a strong influence on the energy mix used.” it concluded.
By Sibel Akbay
Anadolu Agency
sibel.akbay@aa.com.tr