Minister of Petroleum and Mineral Resources Tarek El Molla has emphasized the importance of holding the 12th Arab Energy Conference in Qatar amid global challenges that have had an impact on the energy industry.

This came during his speech at the opening of the conference, which was organized by the Organization of Arab Petroleum Exporting Countries, under the slogan of “Energy and Arab Cooperation”.

He noted that Egypt has worked on using its competitive capabilities to adapt and confront global energy crises and challenges.

El Molla noted the necessity of working together on Arab initiatives to achieve a fair energy transition, in which all countries could benefit from its natural resources. 

He also affirmed the importance of joint work in improving the energy efficiency of petroleum sectors throughout the Arab countries, reducing emissions, and sharing the best practices and trials in these fields.

Additionally, the minister elaborated that it is important also to achieve a balance between energy security which requires diversifying the energy mix to include renewable and green resources of energy and hydrogen besides the traditional resources. 

El Molla added that the oil and gas industry are the main elements for combating climate change, pointing to the role of the Egyptian petroleum sector in contributing to the organization of Decarbonization Day during COP27. 

He also stated that Egypt is going forward in implementing different projects and initiatives for decarbonizing petroleum industry operations in parallel with establishing green energy and low-carbon hydrogen projects. 

Moreover, the minister said that the outcomes of the COP27 have paved the way for more aspirations for COP28 currently being held in the UAE, pointing out Egypt’s keenness to cooperate constructively with the UAE’s presidency of the conference in order to build on the momentum achieved in the Sharm El-Sheikh conference and the important outcomes and initiatives it reached, such as activating the Loss and Damage Fund and the two work programs of energy transition and emissions reduction.

Furthermore, the minister praised the keenness of the COP28 presidency to highlight the important role of the energy industry as part of the solution to the issue of climate change and the commitment to move from pledges to implementation, as the UAE climate conference resulted in a number of important announcements related to renewable energy and emissions reduction initiatives.