Saudi Aramco CEO warns of anxiety if investment in fossil fuels is cut sharply

Amin Nasser, CEO of Saudi Aramco, the world’s largest oil producer, urged world leaders on Monday to continue investing in fossil fuels that warm the world. The assumption that we can move to clean energy “evening” is “terribly flawed.”

In a statement at the World Oil Conference in Houston, Texas, Nacelle said that moving to cleaner fuels too quickly could lead to uncontrolled inflation and social unrest, ultimately leading to carbon pollution. He argued that it could overturn national emission targets to curb it.

“We understand that it will be difficult to publicly acknowledge that oil and gas will play an essential and important role during and after the transition,” Nacelle said at a conference focused on low-carbon strategies and technology. Said.

“But admitting this reality is much easier than dealing with energy insecurity, rampant inflation and social instability, as prices are unbearably high and countries are beginning to unravel their net-zero commitments.” He continued.

Nasser said that countries are setting new carbon emission reduction targets to combat climate change as the oil and gas industry limits fossil fuel exploration and production and is under increasing pressure to move to renewable power development. This is because it is set.

The International Energy Agency in May must immediately stop investing in new oil and gas projects to help the world achieve net zero emissions by 2050 and avoid the worst consequences of climate change. I warned you.

To ensure that global temperatures do not exceed 1.5 degrees Celsius, the world needs to reach nearly half its greenhouse gas emissions within the next decade. Zero net emissions by 2050According to the Intergovernmental Panel on Climate Change. The Earth has already risen about 1.1 degrees above pre-industrial levels and is expected to rise 2.4 degrees by 2100.

But other world energy leaders, including the CEO of the conference Exon When ChevronHe also argued that demand for oil and gas will remain high for the next few years, despite efforts to transition to a clean energy economy.

“Oil and gas continue to play a central role in meeting global energy demand and play a key role in delivering them in a low-carbon way,” Chevron CEO Mike Worth said at the conference. I’m doing it. ” “Our products move the world.”

Exxon announced on Monday plans to reduce emissions from operations in oil and gas fields in western Texas and New Mexico to net zero by 2030 as part of an effort to curb emissions across the business. bottom. During the meeting, the company’s CEO, Darren Woods, emphasized the continued need for fossil fuels in a clean energy transition.

“Under the most reliable scenarios, including the Net Zero route, the fact remains that oil and natural gas continue to play a key role in meeting the needs of society,” Woods said.

Global demand for fossil fuels has picked up sharply this year as the global economy recovered from the coronavirus pandemic.And global carbon emissions from burning fossil fuels It is projected to increase to 36.4 billion tonnes this year compared to 2020. Mark an increase of 4.9%.

President Joe Biden Last month, the United States announced that it would work with China, India, Japan, South Korea and the United Kingdom to leverage its strategic petroleum reserves and release 50 million barrels to calm the rapid rise in fuel prices this year.

“My remarks today may be repulsive, but I know that if we don’t speak as an industry, no one else will speak for us,” Nacelle said. rice field.

Source: https://eminetra.com/