OPEC Chief Criticizes Climate Targets as Overzealous, Calls for More Oil Investment

The head of OPEC, Haitham al-Ghais, has stated that recent adjustments and postponements of climate targets by countries indicate that some initial pledges were "overzealous." He emphasized the need for the right infrastructure, such as electrical grids and charging stations, to support an efficient energy transition away from fossil fuels. Al-Ghais cited examples like Poland's appeal against the EU's ban on fossil fuel car sales, the diluted version of the EU's emissions rules, and the UK's delay in prohibiting the sale of new gasoline and diesel cars. He also discussed the impact of high oil prices on consumers and rejected the International Energy Agency's projection of peak fossil fuel demand before 2030. OPEC's commitment to climate work will be showcased at the upcoming COP28, hosted by the United Arab Emirates, which has faced criticism for its growing oil production capacity and climate commitments.