VIDEO: Looking to strike a balance between emissions reduction and economic growth
Aramco’s senior vice president of Strategy and Market Analysis, Fahad Al-Dhubaib, highlights the importance of pacing the energy transition.
Fahad Al-Dhubaib, senior vice president of Strategy and Market Analysis,
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What is the True Cost of the Energy Transition?
The energy transition is a process of gradually meeting the increasing energy demand while reducing emissions and without impacting consumers or businesses alike.
And since 2015, all forms of energy have been growing including emissions.
What we have see is, according to the definition, an energy addition, not an energy transition.
We cannot talk about the energy transition without looking at affordability, demand, supply, and the level of economic development.
We believe that the energy demand will be growing and you need all forms of energy to address it.
At the same time, you need to make the energy system much cleaner. Aramco is focusing on energy efficiency.
The things that we are doing are that we are investing in renewables. We are building one of the biggest carbon capture hubs globally. It will be completed in 2027, in Jubail.
It will capture what is equivalent to the emissions of 2 million cars.
Global solutions come from every stakeholder. From energy companies, renewable companies, to financial institutions, consumers, and the government.
You cannot address it with one stakeholder or the other. It requires everyone, and we’re excited that, finally, oil and gas companies are part of that dialogue because we are part of that solution, and we will make a difference.