Energy transition strategy ‘visibly failing’, says Aramco CEO

Energy transition strategy ‘visibly failing’, says Aramco CEO

Saudi Aramco’s chief executive believes the current global transition energy strategy is “visibly failing on most fronts” and needs an urgent reset.   Despite $9.5 trillion of investments in energy transition in the past two decades, alternative energy sources have still not scaled up sufficiently to offer an alternative to hydrocarbons, Amin Nasser told the CERAWeek […]

‘Still not scaled up sufficiently’

No peak in oil and gas ‘for some time’

Alternatives ‘currently unaffordable’

Saudi Aramco’s chief executive believes the current global transition energy strategy is “visibly failing on most fronts” and needs an urgent reset.  

Despite $9.5 trillion of investments in energy transition in the past two decades, alternative energy sources have still not scaled up sufficiently to offer an alternative to hydrocarbons, Amin Nasser told the CERAWeek by S&P Global conference in Houston on Monday.

“A transition strategy reset is urgently needed,” he said.

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Nasser, who runs the biggest oil and gas company in the world, deplored the fact that the hydrocarbon industry was “painted as transition’s arch enemy”.

“When the world focuses on reducing emissions from hydrocarbons, it achieves much better results, despite the contribution of alternatives to reducing greenhouse gas emissions,” he said.

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