Call For Fossil Fuel Phase-out Rejected By Kuwait

Saad Al-Barrak, Kuwait's Deputy Prime Minister and Oil Minister, has reaffirmed Kuwait's rejection of any call to phase out fossil fuel consumption and production in the COP28 draft final climate deal. Al- Barrak, also minister of state for economic and investment affairs and chairman of Kuwait Petroleum Corporation, told KUNA that Kuwait is deeply committed to reducing greenhouse gas emissions. This goal could be achieved, however, through the introduction of new technical and control solutions, he argued. Undoubtedly, abandoning fossil fuels would adversely impact the global economy and create enormous problems for the energy sector and development.

According to him, a policy like this would also affect developing countries' ability to meet their needs and achieve the UN's sustainable development goals. Dr. Al-Barrak said Monday that strengthening Arab countries' cooperation in the energy sector would enable the region to confront global challenges. In his speech at the opening of the two-day Arab Energy Conference held in Doha, Qatar, Dr. Al-Barrak emphasized the need for Arab cooperation in the energy sector, saying it was a collective responsibility. A number of challenges, including policies by some consumer states, were affecting global demand and prices, making securing energy supplies and supporting world economic growth essential, Al-Barrak said. As a result of the conference, he said, Arab entities and institutes can enhance cooperation to increase investments, establish partnerships, create jobs, and train staff in various energy fields.

In addition to being a founding member of OAPEC, Kuwait also hosts the headquarters of the prestigious organization. Kuwait is keen on joint Arab cooperation, Al-Barrak said. A founding member of the Organization of Oil Exporting Countries (OPEC), Kuwait is concerned with the stability of prices and the balance of global demand and supplies, and he affirmed that Kuwait's energy policy takes into account both local and international aspects of the energy market. According to Al-Barrak, Kuwait is keen on safeguarding its petroleum resources, developing them to meet Kuwait's needs and generate income as well as providing top-notch products to the world. Kuwait has adopted strategies to nationalize advanced petroleum technologies, train national staff, and engage the private sector in various stages of the petroleum industry, as well as nationalize advanced petroleum technologies.

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