The Executive
Secretary of the United Nations Framework Convention on Climate Change, Christiana
Figueres, gave a speech at the 5th OPEC International Seminar, held at Vienna in June 2012.
I must say
this was a brilliant move. Beginning by reassuring Oil Producing Countries that
the demand for oil will continue to increase even with successful climate
change mitigation policies in place, she proceeded to point out a strategic approach
that represents a win-win solution for both OPEC and the fight against climate
change:
“Our aim
should be an economic system that strategically directs oil toward the highest
margin specialty markets, generating the most amount of economic benefit for
each barrel of oil’s emissions.”
Higher margins
mean higher profits for oil producing countries. Although this was not voiced,
higher oil prices are also vital to anticipate the arrival of a low-carbon
future. Cheap oil has been undermining and delaying the further technological
development and large scale deployment of alternative energy sources and energy
carriers, such as solar energy and hydrogen, respectively.
Christiana
Figueres also took the opportunity to point that the optimization of the
internal use of energy in Oil Producing Countries, through the implementation
of energy efficiency measures, are a way to increase the availability of oil
and gas for export.
Adapted from: UNFCCC, 2012.