Saudi Aramco CEO Dismisses Global Push for Renewable Energy Transition as Unrealistic.
The aspiration of the global community to shift from fossil fuels to cleaner energy sources has been labeled as unrealistic by the Chief Executive Officer of Saudi Aramco, Amin Nasser. Nasser made these remarks on Monday during the 2024 edition of CERAWeek by S&P Global held in Houston, United States.
CERAWeek 2024, attended by over 8,000 delegates and 1,400 speakers from 85 countries, focuses on the theme “Multidimensional Energy Transition: Markets, Climate, Technology, and Geopolitics.” Among the distinguished speakers is Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, who will lead a Plenary Session titled “Leadership Dialogue” on Tuesday, March 19th, 2024.
On the same day, Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream of NNPC Ltd, will headline a Plenary Session discussing “What are the Choices for Upstream Strategies?” The following day, March 20th, 2024, Mr. Olalekan Ogunleye, Executive Vice President, Gas, Power & New Energy, will participate as a Panelist in a Strategic Dialogue Session on “Africa’s Energy Future: Access, Investment & Sustainability.”
The conference aims to explore strategies for a multifaceted energy transition that considers various speeds and fuels. It acknowledges the evolving competitive landscape and the emergence of new opportunities and risks throughout the energy value chain.
Nasser, in his opening session speech, emphasized that the energy transition is complex and varies by region, technology, and industry strategies. He urged for a realistic “re-set” of plans, stating that the rapid replacement of fossil fuels with renewables as currently envisioned is a fantasy.
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The Saudi Aramco CEO highlighted that oil and gas demand will persist beyond the projected 2030 target to limit global warming, challenging the ambitious timelines set by advocacy groups. Nasser advocated for leveraging technologies like carbon capture to reduce greenhouse gas emissions from hydrocarbons, asserting their effectiveness over alternative energies.
He concluded by cautioning against prematurely phasing out oil and gas, emphasizing the need for a pragmatic approach considering global energy needs and environmental goals.
