OPEC leader calls for more clean-energy research money
GLOBAL spending to fund research and develop clean-energy technology aimed at curbing climate change should increase, says OPEC secretary-general Abdalla el-Badri. OPEC members Saudi Arabia, Kuwait, Qatar and the United Arab Emirates have together committed $750 million to study cutting carbon emissions, ElBadri says.
The Organisation of Petroleum Exporting Countries supplies more than 40 per cent of the world’s oil.
The UN has called for industrial nations to cut emissions, blamed for contributing to global warming, by 25-40 per cent by 2020. The body wants emerging economies such as China to agree to take measurable steps to reduce global warming pollution, and for a reduction in emissions from deforestation.
UN proposals also urge emissions to be cut in half by mid-century. ‘‘ I would like to see an example where everybody will be a winner,’’ el-Badri says of the prospects for success at the Bali talks. ‘‘ We hope the countries will try to co-ordinate requests for developing countries.’’
At OPEC’s November heads of state summit, Saudi Arabia provided $300 million to set up a fund that will study ways to reduce carbon dioxide emissions by developing techniques such as gas underground sequestration.
Qatar, Kuwait and the U.A.E. agreed to put $150 million each to the fund.
EL-BADRI says in Bali that crude oil prices ‘‘ are suitable.’’ Prices are down more than 10 per cent from the record $US99.29 reached on November 21.