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RIYADH: Saudi Aramco chief on Monday urged the global leaders to adopt a more comprehensive approach to the global energy transition keeping in mind the affordability factor as well.
Amin Nasser was speaking at the 24th World Petroleum Congress in Calgary, Canada. The CEO and president of the Saudi Arabian Oil Co. highlighted the potential consequences of ignoring issues related to energy security and affordability of each country in switching over to renewables.
“While much of the Global North is focusing on environmental sustainability, the priority for many in the Global South is economic survival. Transition planning has not sufficiently recognized this clear need for distinctive solutions, and a widening divide is an inevitable result,” he said on the risk of the global energy transition divide.
Nasser highlighted the need for a “multi-source, multi-speed, and multi-dimensional” strategy that accounts for the complexity and scale of transitioning a $100 trillion global economy.
“In short, the re-invention of our entire energy-based way of life in less than 30 years. Let us be inspired by that, but understand it means making history,” he stated.
“The current transition shortcomings are already causing mass confusion across industries that produce and/or rely on energy. Long-term planners and investors do not know which way to turn. It is increasing the risk of acute supply-demand imbalances in conventional energy, and therefore an even more serious energy crisis where countries and people, not just assets, are stranded,” he added.
The congress will continue until Sep. 21 under the theme “Energy transition: The path to net zero.”