Port Arthur, Texas, oil refinery
Saudi Aramco CEO Amin Nasser Monday told a Texas energy conference that the energy transition is failing, calling on policymakers to abandon the “fantasy” of phasing out oil and gas, predicting that demand for fossil fuels will only grow, reported CNBC.
“In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities,” Nasser said at the S&P Global energy conference in Houston, Texas.
“A transition strategy reset is urgently needed and my proposal is this: We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions,” Nasser said, garnering applause.
Nasser said oil, gas, and coal demand is unlikely to peak anytime soon, and that alternative energy sources have been unable to displace hydrocarbons at scale, despite the world investing more than $9.5 trillion over the past twenty years.
Nasser said the world should focus more on reducing emissions from oil and gas in addition to renewables. The CEO said efficiency improvements alone over the past 15 years have reduced global energy demand by almost 90 million barrels per day oil equivalent. Wind and solar, meanwhile, have substituted only 15 million barrels over the same period, he said.
“We should phase in new energy sources and technologies when they are genuinely ready, economically competitive and with the right infrastructure,” Nasser said.
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