Saudi Aramco President, Amin Nasser, stressed that the current energy transition strategy faces major challenges and appears ineffective in many aspects.

According to a report from the consulting firm KPMG, fossil fuels accounted for 82% of global consumption last year, which was pointed out by Nasser, who also pointed to the International Energy Agency’s expectations that demand for oil will rise to record levels this year.

Nasser stressed that the future picture does not match the optimistic expectations of some parties, pointing out that achieving the oil and gas summit and ending dependence on them by 2030 seems unlikely, which called for a reconsideration of expectations related to that period of time.

In a similar context, ExxonMobil President Darren Woods expressed doubts about the existence of an upcoming energy revolution, noting that we are not on the right track to achieve the goal of zero emissions by 2050.

Woods pointed to the financial challenges facing efforts to reduce emissions; He emphasized that society demands reducing emissions, but no one wants to bear the costs of doing so. This requires adopting policies that are compatible with the reality of economic and social conditions.

In conclusion, Nasser called for adopting policies that take into account the current energy situation, focusing on investments that reflect actual demand needs, rather than indulging in the concept of completely eliminating fossil fuels.