VIDEO: Aramco CEO highlights three pillars for a more credible energy transition plan
“The world deserves a much better response to this crisis.”
When the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there.
If investments in oil and gas continue to fall, global supply growth would lag behind demand, impacting markets and people’s lives., and by the time the world wakes up to these blind spots, it may be too late to change course.
We are not saying our global climate goals should change because of this crisis; all of us have a vested interest in climate protection.
But the world deserves a much better response to this crisis. We need a more credible energy transition plan built on three rock-solid and long-term strategic pillars.
- Recognition by policymakers and other stakeholders that supplies of ample and affordable conventional energy are still required over the long term.
- Further reductions in the carbon footprint of conventional energy and greater efficiency of energy use, with technology enabling both.
- And new, lower-carbon energy, steadily complementing proven conventional sources.