CERAWeek 2025
VIDEO: The importance of evolving energy strategies for a balanced and innovative future
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Today
Pioneering Spirit
Aramco executive vice president highlights that the future of energy lies in integrating new and traditional sources to meet growing global demand.
CERAWeek 2025
Ashraf Al Ghazzawi
Executive vice president of Strategy and Corporate Development
If you look at the energy market today, hydrocarbons continue to dominate.
Between oil, gas, and coal, that's about 80% of the global energy demand.
That being said, I think there will be room for new energies, particularly renewables and hydrogen, but we believe that they will play a complementary additive role to the conventional energy as opposed to a replacement role.
And the key focus of the industry, in my view, will be how to integrate all of these sources of energy in order for us to fulfill the global energy demand.
We have always advocated for an energy transition plan that is, first of all, pragmatic and practical, one that ensures affordable access to energy and a sustainable access to energy.
More particularly for developing economies, you have to ensure that the transition plans do not collide with the social and economic development needs.
Aramco has a $7.5 billion venture capital fund that invests globally and in areas around digital, AI, sustainable energy as well as advanced materials.
We've always believed that conventional energy will continue to be an important enabler to future economies and will always be part of the global energy mix.
Outside of that, we're also looking at growing our portfolio of new energies.
Aramco today is an investor in renewable energy.
We're aiming to have around 12GW by 2030.
We've always followed a very careful and deliberate strategy when it comes to hydrogen, trying to calibrate supply with demand or demand with supply, avoiding to make any major investments in projects without guaranteed offtakes.
With that being said, we've also invested in buying 50% of a hydrogen hub in Saudi Arabia on the East Coast.
This network will allow us to have the first mover advantage when it comes to the export of blue hydrogen, should demand pick up, particularly in Asian markets.
