World Energy Congress
VIDEO: CEO calls for balanced energy transition at WEC
Amin Nasser emphasizes need for a pragmatic approach, emphasizing collaboration, innovation, and inclusivity.
Saudi Aramco has one of the lowest methane and CO2 emissions globally. So we are really working hard to reduce our emissions.
However, energy transition is not going to happen by policy alone.
If you look at efficiency improvement from conventional energy, 90 million barrels were achieved over the last 15 years by also just adopting energy efficiency, compared to solar and wind, replacing 15 million barrels of oil equivalent.
If you look at the Global North and the Global South, the consumption per capita in the US is 22 barrels, in Europe it's nine barrels, in the Global South, it's one to two barrels. So there is a big difference.
85% of the population is in the global South.
When we talk about transition, we need to be inclusive, just, and understand there will be a multi-speed when you talk about the energy transition.
If you look at the country, our majority shareholder, 50% will be renewable, so we are not against solar.
But we are not abandoning our conventional resources, and making sure we continue to decarbonize existing resources.
At the end of the day, there needs to be collaboration and globalization.
If technological readiness is not there, or economic competitiveness is not available, it's not going to happen. And it might work for your country, but it's not going to work for the world.