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Aramco President & CEO Amin H. Nasser has warned that a failure to change the current approach towards energy transition planning would constitute a “fast track to dystopia”, with an estimated annual investment of $6 to 8 trillion needed to fund global climate action,
In a keynote speech at CERAWeek 2025 in Houston, Texas, Nasser said that the greatest transition fiction was that conventional energy could be almost entirely replaced, virtually overnight.
“Hydrocarbons still provide over 80 percent of primary energy in the US, almost 90 percent in China, and even in the EU it is more than 70 percent. New sources add to the energy mix and complement existing sources. They do not replace them.”
New sources cannot even meet the growth in demand, while the proven sources needed to fill the gap are demonised and discarded, the CEO said.
Nasser said reducing greenhouse gas emissions must still get the highest possible priority, pointing to using technologies that drive efficiency, lower energy use, and reduce greenhouse gas emissions from conventional energy.
Artificial intelligence (AI) will be a game-changing enabler, he stated.
(Editing by Anoop Menon)
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