Saudi Aramco CEO Urges Rethink on Global Energy Transition

Saudi Aramco CEO Amin Nasser has called for a reassessment of energy transition strategies, advocating for continued investment in fossil fuels to meet global demand. He criticized failed policies, like the focus on green hydrogen, and emphasized the importance of financial support for diverse energy sources.

The CEO of Saudi Aramco, Amin Nasser, emphasized the need for policymakers and energy executives to rethink current energy transition plans. Speaking at the CERAWeek conference, he highlighted the deficiencies of current strategies, notably the premature focus on green hydrogen, which remains economically unfeasible for widespread use.

Nasser pointed out that investment in a variety of energy sources, including fossil fuels, is essential to satisfying the increasing global energy demands. He stressed the detrimental effects of prematurely shifting to immature alternatives.

The push for deregulation and unbiased financing was underscored by Nasser, as he remarked on the need for financial institutions to support energy investments without prejudice. Aramco revealed its plans to invest in both conventional and renewable energies, including targeting investments in up to 12 gigawatts of solar and wind energy by 2030.

(With inputs from agencies.)