Saudi Aramco's chief executive Amin Nasser on Monday pushed for a new global energy mode, arguing that the money spent on global climate action has yielded few tangible results.
Mr Nasser said about $10 billion in transition spending in the past 20 years included promises of cheaper and more sustainable energy that were “impossible to keep”. He said it would cost an estimated $6 trillion to $8 trillion annually to fund climate action properly.
“It has been a painful awakening for those who thought energy affordability and security could be taken for granted,” he said during a speech at the CERAWeek by S&P Global energy conference in Houston, Texas.
He also highlighted the “greatest transition fiction”, that conventional energy could be replaced entirely overnight by alternative sources. The Saudi Aramco chief said hydrocarbons account for more than 70 per cent of energy in Europe, more than 80 per cent of primary energy in the US and almost 90 per cent in China.
“That's why the current strategy of prematurely switching to immature alternative has been so self-destructive,” Mr Nasser said. “New sources cannot even meet the growth in demand, while the proven sources needed to fill the gap are demonised and discarded. It is a vast drive to dystopia, not utopia.”
The result, he said, was global spending of $10 trillion while not reducing its consumption of coal. “Not exactly mission accomplished,” Mr Nasser said.
Global electricity consumption is predicted to nearly double by 2050, according to the US Energy Information Administration. Driving this consumption, Mr Nasser said, was the increasing use of artificial intelligence, air conditioning and vitrification, the process of turning a liquid into glass without crystallising.
But the transition to electricity comes amid a slowdown in electric vehicle sales. JD Power, a consulting firm, lowered its forecast for EV market sales in the US for 2024 from 12 per cent to 9 per cent.
Some car makers have either dialled back or scrapped EV plans completely. Ford, General Motors and other car makers have scaled back their EV plans due to higher costs.
“We see growth growing pushback from consumers who value choice and affordability over mandates,” Mr Nasser said.
Push for new global model
Mr Nasser made the case for a new global climate action model in which all energy sources would support growth in meeting increasing demand “in a balanced, integrated manner”.
He also pushed for deregulation and greater incentives for financial institutions to deliver “unbiased financing”.
“Let me be absolutely clear: this does not mean stepping back from our global climate ambitions,” Mr Nasser said. “Reducing greenhouse-gas emissions must still get the highest possible priority.”
He also said goals must serve developed and developing nations, and focus on delivering “real results”.
Mr Nasser noted that the world's poorest seven billion people are accounting for most of the growth in energy demand, but only receive 3 per cent of energy transition investment.
The Saudi Aramco chief executive said AI will be a crucial driver in helping to enable technology that could help further reduce greenhouse-gas emissions from traditional energy sources. “It is time to stop reinforcing failure … there is a historic opportunity to change course,” he said.
Mr Nasser was among a large number of energy executives in the southern US state of Texas for CERAWeek, an annual energy conference. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Cop28 President, was scheduled to address the conference on Tuesday.
Mohammed bin Zayed Majlis
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
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Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
Killing of Qassem Suleimani
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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Zayed Sustainability Prize
Killing of Qassem Suleimani
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
The five pillars of Islam
