The world should give up on the idea of phasing out oil and gas, Nasser said.Amin Nasser, chief executive officer of Saudi Aramco, speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024.HOUSTON — Saudi Aramco CEO Amin Nasser said Monday that the energy transition is failing and policymakers should give up the "fantasy" of phasing out oil and gas, as demand for fossil fuels is expected to continue to grow in the coming years.
"A transition strategy reset is urgently needed and my proposal is this: We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions," the CEO said to applause from the audience.last year that peak oil, gas and coal demand would come in 2030. Nasser said demand is unlikely to peak anytime soon let alone by that year. Nasser suggested that the IEA is focusing on demand in the U.S.
Meanwhile, the share hydrocarbons in the global energy mix has barely fallen in 21st century from 83% to 80%, Nasser said. Global demand has increased by 100 million barrels of oil equivalent per day over the same period and will reach an all-time high this year, the CEO said. Gas has grown by 70% since the start of the century, Nasser said.
Developing nations in the global south, meanwhile, will drive oil and gas demand as prosperity rises in those nations, which represent more than 85% of the world's population, the CEO said. These nations receive less than 5% of the investment targeting renewable energy, he said.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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