Technology, investment vital for energy transition: Nasser

Energy transformation requires major technologies and investments, in addition to policies, said Amin Nasser, President and CEO of Saudi Aramco. 

Speaking at the 26th World Energy Congress (WEC), convened in the Netherlands, Nasser said that the pace of energy transformation will vary depending on each country’s economic development level, indicating that traditional energy sources cannot be abandoned.

He explained that more support must be provided to reduce emissions, enhance efforts to ensure energy security, and provide suitable incentives.

There is a disparity in financial support between countries in reducing emissions, Nasser said.

In addition, there must be a focus on reducing emissions while boosting the efficiency of renewable energy, focusing on priorities to provide energy at affordable prices.

He believes that policymakers must understand that it is not possible to resort to one solution for the energy transition as it may differ from one country to another.

Accordingly, developed countries must help developing countries build infrastructure and provide energy at an affordable price, as reducing emissions must ensure energy security, affordability, and sustainability.

Also, expensive solutions cannot be provided to countries of the South, Nasser stressed.