Source AP ©

OPEC to launch environmental fund to decrease carbon dioxide emissions

OPEC is going to establish an environmental fund in reducing carbon dioxide emissions, it will bring together oil producers and energy consuming countries to contribute to it.

The initiative, which may be a core policy outcome from an Organization of Petroleum Exporting Countries Heads of State summit here Saturday and Sunday, envisages a fund that energy consuming countries and oil producers contribute to in order to support the technologies reducing the environmental impact of fuel use, said the officials on condition of anonymity ahead of the conference.

OPEC one-time acting secretary general and director of research Adnan Shihab-Eldin refused to confirm the proposal, but told Dow Jones Newswires in an exclusive interview that such a plan would require huge sums of money.

"I don't know how much money, I am not a decision maker, but we should talk about billions of dollars," he said.

The process "will pay for itself eventually because you will succeed in making more oil and that extra oil can pay for the process."

Depleted OPEC oil fields could be used to store carbon emissions and dying fields could see their output boosted by the injection of such emissions, he added.

The plan comes just weeks ahead of a major U.N. climate conference in Bali, which top OPEC officials, including Saudi Arabian Oil Minister Ali Naimi, are due to attend.

Comments
German experts name Russia's most dangerous weapon
Interview with Andre Vltchek for Farhikhtegan newspaper in Iran
Russian army receives giant modernised nuclear mortars
Russia's new torpedo carrying 100-megaton nuclear warhead nullifies USA's Prompt Global Strike
A Europe without roots now also demolishes churches
US diplomat makes fool of himself in the Netherlands
US diplomat makes fool of himself in the Netherlands
US diplomat makes fool of himself in the Netherlands
Three scenarios of new super sanctions against Russia published
Three scenarios of new super sanctions against Russia published
Three scenarios of new super sanctions against Russia published
Putin's power shakes US Congress
Brigitte Bardot accuses Hollywood actresses of hypocrisy
Russia starts shipping S-400 air defence systems to China
Russia starts shipping S-400 air defence systems to China
A Europe without roots now also demolishes churches
A Europe without roots now also demolishes churches
Russia refuses to leave WTO despite EU's billion-euro lawsuit
Sheep disrupt the work of US missile defences in Romania
The Unrecognized Tragedy of Serbian Krajina
Ukraine refuses to terminate diplomatic relations with Russia