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A6 WORLD NEWS
Thursday 17 February 2022
Key energy agencies diverge as demand and oil prices climb

DUBAI, United Arab Emir- as fossil fuels.
ates (AP) — Leaders of the The IEF has called for oil
world’s most consequential and gas investment to
energy bodies gathered reach $525 billion through
for a forum Wednesday to 2030 to ensure “market bal-
discuss the uncertain future ance” despite a slowdown
of oil as demand rebounds projected in how much de-
and prices climb, all while mand for oil will grow. The
a growing roster of na- group notes that invest-
tions pledge to transition to ment in the oil and gas sec-
cleaner forms of energy. tor in 2021 stood at $341 bil-
The forum, which included lion. Without more financ-
speakers from the Organi- ing, the IEF says demand
zation of Petroleum Export- could outstrip future supply
ing Countries, the Interna- within the next five to six
tional Energy Agency and years. They say it could also
the International Energy result in switching to more
Forum, presented varying polluting energy sources
forecasts for oil demand such as wood and coal.
and discussed energy se- Others disagree. The Inter-
curity and market stability. national Energy Agency’s
Yet from the outset, the executive director has said
wider debate on how the the world does not need
world should best transition Saudi Aramco engineers and journalists look at the Hawiyah Natural Gas Liquids Recovery Plant, more investments in new
away from so-called dirty which is designed to process 4.0 billion standard cubic feet per day of sweet gas, a natural gas oil, gas and coal projects.
fuels and other sources that does not contain significant amounts of hydrogen sulfide, in Hawiyah, in the Eastern Province From Paris, the IEA’s Fatih Bi-
of Saudi Arabia, June 28, 2021.
of carbon emissions that Associated Press rol did not directly address
pollute the air played out the comments made by
as speakers gave their re- investments in energy must respond to this dilemma? ergy demand has “roared McMonigle, but he echoed
marks. go toward expanding exist- The reality is that 80% of back” to pre-pandemic the sentiment that the en-
Major oil-producing na- ing wind and solar solutions the world’s energy needs levels, but that investments ergy transition must hap-
tions, like Saudi Arabia and and in funding innovative continue to be met by fossil in oil and gas are not back pen in an “orderly man-
the United Arab Emirates, solutions if the world is to fuels,” said Joseph McMo- to where they were before ner” so that climate targets
have long argued that avoid catastrophic global nigle, secretary general of the COVID-19 crisis. are met and oil producing
a rapid energy transition warming levels. On both the Saudi-based Interna- “Disinvestment in energy economies are seen as

away from the fossil fuels sides, however, there is tional Energy Forum that supply will not deliver a just part of the solution.
that they continue to rely agreement that the world hosted the symposium. and orderly transition and To meet these targets, the
on for revenue will impact is far from reaching sustain- The IEF is the largest orga- cannot be a response to world must reduce its con-
global economic growth able targets as demand for nization of energy ministers, the climate crisis,” he said, sumption of fossil fuels, Birol
and hurt the world’s poor- energy grows. with 71 member states, in- arguing that countries said, before later adding:
est. Those backing a fast- “We are not on track. So cluding the United States. should invest in both green- “We cannot drop oil and
tracked transition insist new how should policy makers McMonigle said global en- er forms of energy as well gas tomorrow.”q

Pelosi in Jerusalem: U.S. support for

Israel is ‘ironclad’

Associated Press ey Levy, standing nearby. Israel has said it will not be
JERUSALEM (AP) — Ameri- The face-to-face diploma- bound by any international
can support for Israel re- cy came at a tense time in agreement concerning
mains “ironclad,” U.S. the nations’ relationship as Iran’s nuclear program,
House Speaker Nancy Pe- talks about a deal to rein and says it is prepared to
losi told members of Israel’s in Iran’s nuclear capabili- take military action if need-
parliament Wednesday, ties drag on in Vienna. U.S. ed to prevent Iran from ob-
despite deep differences President Joe Biden cam- taining nuclear arms. Iran
between the nations on paigned on renewing and insists its nuclear program
Iran, peace with the Pales- expanding the Iran nuclear is solely for peaceful pur-
tinians and other issues. deal after former President poses.
Pelosi stuck to what the U.S. Donald Trump, with strong Standing before a vibrant U.S. House Speaker Nancy Pelosi, center, lays a wreath during
an official welcome ceremony at the Knesset, the Israeli
and Israel have in com- encouragement from then- mural in the Knesset’s Cha- Parliament in Jerusalem Wednesday, Feb. 16, 2022.
mon, particularly on their Prime Minister Benjamin gall Hall, Pelosi said Israel Associated Press
desires to rein in Iran’s nu- Netanyahu, withdrew the and the U.S. remain con-
clear capabilities and find United States in 2018. cerned about the same is a global one...Israel’s “Our delegation is also
a path toward peace with Since then, the U.S. has threat from Iran and its proximity to Iran is of con- here to reaffirm America’s
the Palestinians. reimposed sanctions and proxies. cern to all of us.” commitment to a just and
“The U.S. remains ironclad, I Iran has stepped up its nu- “We are together in the Pelosi, 81, also raised the enduring two state solu-
keep using that word, in our clear activities, amassing a fight against terrorism Biden administration’s tion, one that embraces,
support of Israel’s security stockpile of highly enriched posed by Iran, both in the commitment to Palestinian enhances stability and se-
and its regional stability,” uranium that goes well be- region and also its nuclear statehood at a time when curity for Israel, Palestinians
Pelosi said with her counter- yond the bounds of the ac- development,” she said. Israeli Prime Minister Naftali and their neighbors,” Pelosi
part, Knesset Speaker Mick- cord. “The nuclear threat of Iran Bennett opposes the idea. said.q