VIDEO: Calling for a more inclusive energy transition at IPTC

Ashraf Al Ghazzawi, executive vice president of Strategy and Corporate Development

International Petroleum Technology Conference 2024

Any transition scenario or plan has to, in our view, be characterized by three things. 

The transition plan has to be multidimensional, it has to be multi-speed, and it has to be multi-source, and I’ll explain that briefly.

When we talk about multi-dimensional transition plans, they have to be plans that cater to the needs of developing nations, a plan that balances the affordability requirements; the security and availability requirements; but also addresses the emissions and the sustainability requirements to allow their economies to grow in a sustainable manner.

When we talk about multi-speed, we first must recognize that net-zero plans for any country will have to cater toward the needs of that developing country.

Each country, each economy will have to have tailored plans that will define the path or the roadmap for them to reach net zero. It will depend on their economic development targets and aspirations.

And the notion of multi-speed simply comes from the fact that not all countries at the moment are starting from the same basis. 

We believe in an energy transition plan that caters for all types of energy resources. It’s not enough for people to declare net zero. The world needs to invest concurrently in conventional energy while managing emissions, as well as introducing renewables and other sources of energy into the global mix.