VIDEO: How do we achieve a realistic and inclusive energy transition?

Amin Nasser, president and CEO

World Economic Forum (WEF) Riyadh, Special Meeting24

Energy transition is a critical priority for everybody and everybody’s working toward achieving that.

However, what we need is a realistic energy transition program that is just and inclusive.

We need to understand very clearly that policy without technological readiness and without economic competitiveness is not going to drive a solution. 

Incentives will drive a solution, but it’s not sustainable.

You look at the trilemma: sustainability, access or affordability, and energy security; you need to solve for all of these things together.

So we need to focus on emissions; we have demonstrated that over the past 15 years, through energy efficiency, the savings is 90 million barrels of oil equivalent.

The saving from investment in solar and wind over the past 15 years only eliminated 15 million barrels of oil equivalent. 

In order to achieve net zero by 2050, one-third of the emission will come from efficiency improvement. That is the key.

If you look at Aramco, we are investing in solar, wind, geothermal, e-fuel, and hydrogen.

We are looking at new investments right now in new energies, outside of Saudi Arabia.

And they are currently in discussion with a lot of partners around the globe in terms of investment in different parts of the world, so it is an area of interest to us.