Amin Nasser, CEO and President of Aramco, and Patrick Pouyanné, CEO and Chairman of TotalEnergies, emphasised the critical importance of balancing the energy trilemma—security, affordability, and sustainability—while advocating for a pragmatic approach to the energy transition that integrates hydrocarbons alongside renewables.
The two executives addressed the fourth edition of the Saudi Green Initiative (SGI) Forum 2024.
The event, held alongside the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16), convened hundreds of policymakers, business leaders and subject matter experts from across the world.
Nasser underscored Saudi Aramco’s leadership in reducing emissions, highlighting the company’s pioneering investment in stopping gas flaring since the late 1970s. This commitment has positioned Saudi Arabia as a global leader in low-emission hydrocarbons, with one of the lowest carbon footprints in terms of CO2 and methane.
Nasser stated: “We are committed to achieving net zero by 2050. However, we must all also reckon with the realities we face. These realities tell us that all sources of energy are needed to meet the trilemma of affordability, security of supply, and sustainability.” He added, “Not every country can afford to increase the cost of energy supply. Today, more than two billion people, mainly in the Global South, do not have access to clean cooking fuel, and 700 to 800 million people experience intermittent electricity access. This must be considered in discussions about energy transition.”
Pouyanné echoed this sentiment, stressing the need for a just and equitable transition. “Transitioning in an orderly manner does not mean exiting hydrocarbons tomorrow. It means finding a way to meet the demands of today while preparing for the future,” he said.
Pouyanné also remarked, “In the last 20 years, we have been able to be super creative in this industry. Policymakers should tell us to abate emissions, and we will find the best solution. I am very optimistic when I look at the last 20 years. There was no shale oil, shale gas, solar, or wind 20 years ago. Look at what mankind has achieved”. -TradeArabia News Service
