New energy markets can improve geo-political stability, IEA head

Fathi Birol, executive director of Paris-based International Energy Agency (IEA).

New energy markets are a positive development that can improve geopolitical stability. Besides, promoting a more prosperous world, according to a leading world oil expert.

“We are seeing investment and momentum in clean energy technologies. The one that is critical for me is carbon capture, utilization and storage, CCUS; which provides a very good bridge between energy realities and climate imperatives. This year alone, investments have reached about US$40 billion,” said Fathi Birol; executive director of Paris-based International Energy Agency (IEA) at panel discussion on the second day of the ADIPEC 2020 virtual conference.

“I also watched the transformation of the global energy map and how new supply and demand patterns affect statecraft; and calls for cleaner energy present both opportunities and challenges,” he added.

“The relatively recent growth of US oil and gas production has materially transformed energy geopolitics in multiple ways. From 2007 to 2019 in just 12 years US oil production increased over 240 percent; producing upwards of 13 million barrels in January of this year.”

“I believe that energy partnerships can have a Halo like effect on other political and diplomatic areas,” he also noted.