Saudi Gazette report

SHARM EL-SHEIKH — Amin Nasser, president and CEO of Saudi Aramco, said the "unrealistic" transformation plan in the energy sector has caused the current supply crisis.

Addressing the opening session of the Saudi Green Initiative 2022 Forum being held on the sidelines of the COP27 climate summit in Sharm El-Sheikh on Friday, he expressed concern that the investment in this vital sector is not sufficient to meet the long-term global demand for energy.

Nasser stressed the need to reach the optimal mix of conventional and renewable energy, while pointing out the need for working out rational policies in order to meet the ambitions. “After the coronavirus pandemic, we thought that the world would witness a decline in demand, but we see that demand has increased significantly since then,” he said.

In his speech, President and CEO of TotalEnergies Patrick Pouyanne said the company wants to grow in the gas sector and is investing heavily in it as it is a transitional fuel. “The world needs affordable energy, and the main factor is affordability, as the overall effects of the energy crisis are huge, and could destabilize the global economy,” he pointed out.