The world is still reliant on fossil fuels

In this interview given to Dina Salem from Al Qahera News, Dr. Carole Nakhle, CEO of Crystol Energy, discusses the long term trends in energy markets. 

Dr Carole Nakhle discusses the long term energy trends in this interview with Dina Salem from Al Qahera News

Key takeaways:

– The era of fossil fuels isn’t over. On the contrary, the world still relies on more than 80% of its primary energy needs on oil, natural gas and coal.

– While ambitious renewable energy targets have been set to embrace the energy transition, many countries are either delaying or revisiting their commitments following the economic challenges imposed by the Covid pandemic and the energy crisis of 2022. For instance, the United Kingdom has extended the deadline for banning the sales of petrol-powered vehicles to 2035, after it was for 2030.

– Not all fossil fuels can be viewed through the same lens. A transition from coal to natural gas for power generation can significantly reduce greenhouse gas emissions.

– Subsidies for green energy are not sustainable.

– The main risks facing the European gas market in the short term are the continuous dependence, albeit to a much lower extent, on Russian energy supplies as well as potential competition with Asia.

– Climate security cannot be achieved without energy security. Therefore, investments in the energy sector should target all energy sources, including fossil fuels but in a more sustainable way.

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