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Fossil fuel here to stay, for now
World energy leaders said on Tuesday that the stability of fossil fuel as a major source of energy is imperative and that policymakers and regulators should not create unnecessary hurdles in developing this vital sector.
Energy gurus at a World Energy Forum roundtable tackled myriad topics related to the role of fossil fuel in overcoming the global energy challenge. They said fossil fuel will continue to dominate the international energy markets in foreseeable future in order to sustain economic development.
Energy ministers from leading nations and developing countries underlined the need to reduce the cost of energy to provide relief to poor people. According to the participants, fossil fuel is expected to meet about 80 per cent of the world’s energy needs in 2040.
“Choosing a right energy mix is very important. We should find ways to boost oil and gas production as well as lower carbon footprints and energy costs,” UAE Energy Minister Mohammed bin Dha’en Al Hamili said.
The ministers recommended the use of oil and natural gas for sustainable economic development in an environment-friendly way to minimise their negative impacts on climate change.
muzaffarrizvi@khaleejtimes.com
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