{"id":6375,"date":"2022-09-22T05:03:54","date_gmt":"2022-09-22T05:03:54","guid":{"rendered":"https:\/\/euromenaenergy.com\/?p=6375"},"modified":"2022-09-22T05:03:54","modified_gmt":"2022-09-22T05:03:54","slug":"saudi-aramco-says-global-energy-transition-goals-are-unrealistic","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=6375","title":{"rendered":"Saudi Aramco says global energy transition goals are \u2018unrealistic\u2019"},"content":{"rendered":"<div class=\"subtitel col-lg-12\">\n<p>AFP \/ Riyadh<\/p>\n<\/div>\n<p>Oil giant Saudi Aramco\u2019s chief on Tuesday blasted \u201cunrealistic\u201d energy transition plans, calling for a \u201cnew global energy consensus\u201d, including ramped-up investments in fossil fuels to address painful shortages.<br \/>\nSpeaking at a conference in Switzerland, Amin Nasser, head of the world\u2019s biggest crude producer, lamented a \u201cdeep misunderstanding\u201d of what caused the current energy crunch and said a \u201cfear factor\u201d was holding back \u201ccritical\u201d long-term oil and gas projects.<br \/>\n\u201cWhen you shame oil and gas investors, dismantle oil- and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right,\u201d he said.<br \/>\n\u201cInstead, as this crisis has shown, the plan was just a chain of sandcastles that waves of reality have washed away.<br \/>\n\u201cAnd billions around the world now face the energy access and cost of living consequences that are likely to be severe and prolonged.\u201d<br \/>\nThe primarily state-owned Saudi Aramco last month unveiled record profits of $48.4bn in the second quarter of 2022, after Russia\u2019s invasion of Ukraine and a post-pandemic surge in demand sent crude prices soaring.<br \/>\nYet even as it benefits from the current energy crisis, Riyadh has long complained that focusing on climate change at the expense of energy security would further fuel inflation and other economic woes.<br \/>\nWith consumers and businesses in Europe facing soaring bills as winter approaches, the causes of the crisis run deeper than the Ukraine war, Nasser said Tuesday, asserting that the warning signs were \u201cflashing red for almost a decade\u201d. They include declining oil and gas investments dating back to 2014 and flawed models for how quickly the world could transition to renewable sources, he said.<br \/>\nThe \u201cenergy transition plan has been undermined by unrealistic scenarios and flawed assumptions because they have been mistakenly perceived as facts\u201d, Nasser said.<br \/>\nHis proposed \u201cnew global energy consensus\u201d would involve recognising long-term needs for oil and gas, enhancing energy efficiency and embracing \u201cnew, lower-carbon energy\u201d to complement conventional sources. Nasser nonetheless said there should be no change in global climate goals.<br \/>\nRiyadh has come under intense outside pressure in recent months to ramp up oil production, including during a visit by US President Joe Biden in July.<br \/>\nSo far it has largely rebuffed those appeals, co-ordinating with the Opec+ alliance it jointly leads with Russia.<br \/>\nEarlier this month the bloc agreed to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears.<br \/>\nLong-term, Saudi Arabia plans to increase daily oil production capacity by more than 1mn barrels to exceed 13mn by 2027.<br \/>\nCrown Prince Mohamed bin Salman has also tried to make environmentally friendly policies a centrepiece of his reform agenda.<br \/>\nLast year, Saudi Arabia pledged ahead of the COP26 climate change summit to achieve net zero carbon emissions by 2060.<br \/>\nSaudi Aramco, for its part, has pledged to achieve \u201coperational net-zero\u201d carbon emissions by 2050. That applies to emissions that are produced directly by Aramco\u2019s industrial sites, but not the CO2 produced when clients burn Saudi oil in their cars, power plants and furnaces.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AFP \/ Riyadh Oil giant Saudi Aramco\u2019s chief on Tuesday blasted \u201cunrealistic\u201d energy transition plans, calling for a \u201cnew global energy consensus\u201d, including ramped-up investments in fossil fuels to address painful shortages&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":6376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[40,46,48,50,57,68,76,77,78,79,80,82,86,87,88,90,95,96,98,99,103,107,109,111,112,114,121,123,137,139,146,148,153,159,174,176,181,182,184,187,196,201,202,203,209,217,221,222,229,231,232,233,239,241,244,246,249,250,251,252,256,262,263,266,268,277,279,280,283,285,288],"class_list":["post-6375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-alleviation","tag-aramco","tag-athens","tag-athensenergydialogues","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-climateaction","tag-climatechange","tag-closure-of-nuclear","tag-co2","tag-cyprus","tag-decarbonising","tag-decarbonization","tag-democracy","tag-disputes","tag-doha","tag-east","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-market","tag-energyindustry","tag-europe","tag-european-fuels","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-hydrocarbons","tag-international","tag-lebanon","tag-liquefied-natural-gas","tag-maritime","tag-maritime-boundaries","tag-maritime-disputes","tag-mediterranean","tag-natural-gas","tag-offshore","tag-oil","tag-oil-and-gas","tag-opec","tag-peace","tag-plants","tag-pollution","tag-poverty","tag-power","tag-putin","tag-qatar","tag-renewable-energy","tag-reserves","tag-rosneft","tag-roudi","tag-russia","tag-russia-in-the-european-energy-sector","tag-russian-gas","tag-russian-sanctions","tag-saudi","tag-solar","tag-solar-power","tag-straddling","tag-sustainability","tag-total","tag-trump","tag-turkey","tag-ukrain","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/6375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6375"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/6375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/6376"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}