UAE Business: Focusing on renewables alone for future a big mistake: Eni CEO – Gulf Digital News

UAE Business: Focusing on renewables alone for future a big mistake: Eni CEO – Gulf Digital News

The global energy transition and future security of the sector cannot be achieved by ad hoc energy policies that focus on single energy sources, Claudio Descalzi,CEO of the Italian energy group Eni said.

“It is a big mistake to say we just need renewables,” Descalzi, said at the Global Energy Forum organised by the World Government Summit (WGS2022) in Expo 2020 Dubai.

He added: “We know about all the different energy vectors that have been added over the last 200 years, but we never found a single energy source we can rely on. It’s crazy to think there is one thing that can replace all sources. We need to use all the different sources.”

Oil and gas companies must continue to be involved in conversations around energy security and transition, Descalzi said in a panel entitled ‘Meeting the 2022 Challenge: Will Energy Security Derail the Energy Transition?’

Underinvestment key issue

Descalzi added: “When we talk about energy, we have to know what we are talking about – competencies. High gas prices are not just down to the Russian situation. Worldwide, we have underinvested [in gas]."

Also speaking at the forum, Majid Jafar, CEO of Crescent Petroleum, noted that there is currently a sense that energy transition