Saudi Press

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Monday, Mar 20, 2023

Oil good for 90 years, gas up for 95

Oil good for 90 years, gas up for 95

The Middle East Institute website stated that Kuwait has established a national committee on ozone and climate change, headed by the Environment Public Authority, and includes representatives of the General Secretariat of the Supreme Council for Planning and Development, the Ministry of Oil, the Kuwait Petroleum Corporation, the Ministry of Electricity and Water, the Ministry of Foreign Affairs and the General Authority of Civil Aviation, reports Al-Anba daily.
It also issued the National Adaptation Plan 2019-2030 in 2019, which aims to reduce carbon dioxide emissions in Kuwait by the equivalent of 7.4% of its total emissions by 2035 on a voluntary basis, while the institute indicated that Kuwait has oil reserves that can be continued. It has been produced for a period of 90 years, and gas for more than 95 years.

This came in the context of the article published by the institute as part of a series of articles based on the outcomes of a high-level workshop on economic diversification and energy transition, which was held on the sidelines of the American University of Kurdistan’s annual forum for peace and security in the Middle East in November 2022.

The institute — a non-profit educational and research institution based in Washington — added that Kuwait has set a goal of net zero emissions by 2060, with 15% of renewable energy within its energy mix by 2030, but the institute indicated that Kuwait has not set National strategic goals on climate. According to the latest report by the UN’s Intergovernmental Panel on Climate Change, the world has already warmed by about 1.1°C compared to pre-industrial times, and is likely to approach 1.5°C over the next two decades. Every corner of our planet has already seen the effects of climate change, from extreme heat waves and floods to devastating droughts.

In order to avoid the catastrophic effects of climate change, global greenhouse gas emissions must be cut in half by 2030 – compared to 2010 levels – and reach net zero around the middle of the century. To date, more than 130 countries responsible for 83% of global emissions have recognized this urgency by committing to achieving these net zero targets, among them 5 Gulf countries: Kuwait, Bahrain, Oman, Saudi Arabia, and the United Arab Emirates. But the gap between where the world is today and where it should be in 2050 is enormous.

Thus, the share of renewable energy sources in total electricity generation worldwide must be increased from 29% currently to more than 60% in 2030 and to nearly 90% in 2050. The same applies to clean hydrogen production, which must rise six times the levels. current to reach 530 million tons in 2050.

The institute said that this requires gradual increases in clean energy investments to range between $2 trillion and $4 trillion annually between 2022 and 2030, three times the current levels of $755 billion. It also needs collective efforts, the speed of which depends on several factors, including political will and the abundance of resources.

Natural, institutional, financial and technical capabilities and willingness. The Arab Gulf states, despite being major producers of oil and gas, can play an important role in supporting global efforts to bridge the gap and achieve net-zero goals, due to their large potential of renewable energy as well as fuels with the lowest carbon content in the world in addition to financial resources. However, it will need to systematically diagnose and address various challenges on its way to net zero. The institute concluded by saying that the rates of available reserves to production indicate that the Arab Gulf states will continue to produce oil and gas reserves for a period ranging between the next 20 years (for Bahrain) and 140 years for Qatar.

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