Aramco President: The energy transition strategy has not achieved success

Saudi Aramco President Amin Nasser confirmed on Monday that the energy transition strategy has not achieved success, noting that the share of renewable energy in global supply is still small.

The company's president said during the "Sira Week 2024" conference hosted by the city of Houston in the American state of Texas that it is clear that the current transformation strategy "has not achieved success in most areas."

He cited a report issued by consulting firm KBMG, which confirmed that fossil fuels accounted for 82% of global energy consumption last year. Al-Nasser pointed out that the International Energy Agency said that demand for oil may reach a record level this year.

The president of Aramco said, “This is not the future picture that some were painting,” pointing out the inability of the alternative energy sources proposed so far to sufficiently replace hydrocarbons, especially not before 2050, the medium-term goal that is considered a possible date for gradually getting rid of oil. .

In the same context, Exxon Mobil CEO Darren Woods doubted an imminent revolution in the energy field, saying, “We are not on the path” to achieving zero emissions by 2050.

“One of the challenges here is that while society wants to see a reduction in emissions, no one wants to pay for it,” Woods said.