Saudi Aramco CEO Calls for Updated Energy Transition Plan Focused on Asia's Needs

Dhahran, October 21, 2024, SPA -- Saudi Aramco President and CEO Eng. Amin bin Hassan Al-Nasser has called for a "Transition Plan 2.0", an updated energy transition blueprint of the current plan, which, he said, has proved ineffective, stressing that the new plan should take into consideration the needs of all countries, particularly those in Asia, and the Global South in general.
In a keynote speech delivered at Singapore International Energy Week (SIEW), Al-Nasser said: "A new energy transition plan must be developed that acknowledges the critical role Asia plays on the global stage, the nature of its available resources, and its future growth prospects."
Regarding the need for an updated transition plan, Al-Nasser added: "This may be Asia's century. But Asia's voice and priorities, like those of the broader Global South, are hard to see in current transition planning, and the whole world is feeling the consequences. Transition progress is far slower, far less equitable, and far more complicated than many expected. Therefore, our primary focus must be on practical solutions rather than just theory."
He stressed the need to prioritize reducing emissions systematically, and achieving the maximum possible impact at an acceptable cost and within a reasonable timeframe. He also emphasized that the approach must be "multi-source, multi-speed, and multi-dimensional, without favoring one type of energy or technology over another".
Concerning the challenge of energy transition costs, Al-Nasser said: "The transition will be expensive for everyone, with estimates of between $100 and 200 trillion required globally by 2050. For developing countries, almost 6 trillion dollars may be required each year. Moreover, in a transition that requires staggering amounts of front-end capital investment, the cost of capital is more than twice as high in developing countries where the need is greater."
--SPA