Aramco CEO stresses need for diversified energy investments

Amin Nasser, President and CEO of Saudi Aramco

Saudi Aramco President and CEO Amin Nasser said it is necessary to invest in various energy sources at present.

During a session at the special meeting of the World Economic Forum (WEF) in Riyadh, Nasser, warned that if investments in hydrocarbon energy sources cease, it could lead to price hikes and potentially drive increased utilization of coal, given its status as the most cost-effective energy source.

Nasser stated that energy efficiency savings were estimated at 90 million barrels of oil equivalent during the past 15 years, while only 15 million barrels were eliminated due to the adoption of solar and wind energy.

Despite making up 85% of the world's population, the Global South contributes only 5% of the investment in renewable energy. Furthermore, nearly 60% of the hydrocarbon demand originates from these nations, which is expected to surge to 80% by 2050.

This must be taken into consideration, the CEO stated.

Nasser pointed out that sustainability, energy security and the availability low-cost resources are important factors. He cautioned that without these considerations, emissions could rise as high prices lead to more focus towards coal production.