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OPEC Celebrates 50th Anniversary

October 2010: The Organization of Petroleum Exporting Countries (OPEC) celebrated the 50th anniversary of its creation by making reference to its achievements, including sustainable development.

In marking the anniversary, OPEC noted that it has: supported comprehensive, fair and realistic efforts to reduce the environmental impacts of global energy use; actively participated in the UNFCCC negotiations; and undertaken studies on climate change and the energy sector. OPEC also notes that the energy dialogues OPEC established with the EU, China and Russia address climate change issues.

The press release marking the event also points to the third OPEC Summit held in Riyadh, Saudi Arabia, in November 2007, which, under the theme "energy and environment," highlighted the importance of promoting collaboration in research and development in the petroleum field among OPEC science and technology centres, as well as collaboration with other international centres and industry. On that occasion, several member countries announced the creation of a special $750 million fund to invest in clean technology ventures.

With regard to the future of the Organization, the press releases notes that OPEC will continue to promote the development and deployment of cleaner fossil fuel technologies, supporting carbon capture and storage (CCS), among others. [OPEC Press Release] [OPEC Website]