Energy transition a fiction, says INSTEPR
Energy think tank, the Institute for Energy Policies and Research (INSTEPR), has claimed that energy transition is fiction.
The claim by the think tank follows the discovery of oil offshore Ivory Coast by Italian oil major, Eni SPA, on September 1, 2021.The discovery, INSTEPR says could contain as many as two billion barrels of oil and 51 million cubic meters of natural gas.
The assertion by INSTEPR, also follows recent arguments in the public domain over energy transition being the single-most important reason for oil majors around the world abandoning fossil fuel operations and moving into renewable energy such as wind and solar.
According to the energy think tank, investments in oil exploration is not reducing but rather, companies are only consolidating their operations and making smart decisions by incorporating renewable energy into their energy portfolio.
“In recent months, Energy Transition has become the buzz phrase in most energy sector conversation. Some civil society organizations and even government are using Energy Transition as a justification for formulating and implementing major energy sector policies. INSTEPR has maintained that investment in oil exploration is not reducing but rather, companies are consolidating their operations and making smart decisions,” said INSTEPR.
INSTEPR in a statement argues that contrary to assertions of the collapse of the fossil fuel industry due to energy transition by several energy experts, the industry will continue to thrive as crude oil or fossil fuel is the single most important commodity in human life.
“Yes, there is Energy Transition which has been going on around the world for the last 15 years. It is the transition from traditional usage of Crude Oil extracts (Petrol and Diesel) into a more innovative and value-added petrochemical industry. Increase in green technology and clean fuel is important to save our planet but the planet will forever need steel, heating and Electricity which has significant carbon emissions.
I have come to the realization that when people do not have innovative ideas and plan to change the lives of people, they look for every excuse with slogans and buzz phrases. For me the phrase ‘Energy Transition’ is like ‘Vision 2020’. In the 1990s, every political speech started with Vision 2020 and how Ghana will be a Middle-Income country by 2020. We are in 2021, we can all judge for ourselves if this Vision was achieved. Data shows that there is no such thing as the collapse of the Crude Oil Industry.
The world crude Oil reserve is 1,700 billion barrels as of 2020 and if no new discoveries are made, this will last for about 45 years. With all that you have read, do you think it is possible that the human population will survive without Crude Oil after 2046?,” noted INSTEPR.
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