CEO at OPEC: ‘You need to have a multi-speed transition’

Amin Nasser, Aramco president and CEO, at the Eighth OPEC International Seminar

Looking at the future and demand and what is happening, you need all energy sources.

In Aramco, for example, we are increasing our gas by more than 50% to 60% by 2030.

We are growing our oil, blue hydrogen and green hydrogen, and renewables.

You need to have a multi-speed transition, depending on the economic maturity of each country. A one size fits all is not going to work.
— Amin Nasser

If you don’t have full collaboration from around the world and just have a transition that everybody participates in, you will end up with more emissions, while in certain parts of the world, they ill be using green hydrogen and renewables. 

You need to have an optimal mix with conventional energy, with reduced emissions by building carbon capture and storage, and other things that will reduce emissions.

At the same time, you moderate conventional energy when renewable is ready.

So you need a transition plan, as I said, that is fair, that takes into consideration existing resources and alternatives at the same time.