Riyadh – Mubasher: The global energy transition strategy has not succeeded in many aspects due to five hard realities that should be considered to adjust its path, stated Amin Nasser, President & CEO of Saudi Arabian Oil Company (Aramco).

These realities include the need to recalibrate global efforts to achieve climate-related goals. He noted the shortcomings of alternative energy sources in fully replacing hydrocarbons, Nasser emphasised at the CERAWeek by S&P Global energy conference in UAE's Texas, according to a press release.

Additionally, Nasser highlighted the high costs associated with alternative energy, the rising global energy demand, and the significant potential for reducing oil and gas emissions as factors to consider in energy transition discussions.

He pointed out the unrealistic expectations regarding a gradual shift away from oil and gas.

The top executive suggested that hydrocarbon resources be strategically invested to meet growing demand while simultaneously intensifying efforts to reduce carbon emissions and enhance the efficiency of conventional energy sources.

CERAWeek, scheduled for 18-22 March 2024, in Houston, is an annual conference convening industry leaders, policymakers, and other energy stakeholders for comprehensive discussions and presentations.

It is worth noting that Aramco logged a net profit of SAR 454.76 billion in 2023, a 24.71% year-on-year (YoY) drop from SAR 604.01 billion a year earlier.