CERAWEEK: Saudi Aramco CEO Argues for “Re-set” of Energy Transition Timetables

(Reuters) – The head of the world’s largest energy company on Monday urged for a “re-set” of plans to quickly replace fossil fuels with renewable energies, calling current energy transition timetables a fantasy.

Saudi Aramco CEO Amin Nasser in remarks at a Houston energy conference called for recognition that demand for oil and gas is not going to be replaced soon, and not by the 2030 target to limit global warming. He called the ambitious timetables put out by consumer and environment groups a “fantasy.”

Reducing greenhouse gas emissions from hydrocarbons through carbon capture other technologies achieves better results than alternative energies, he said. Peak oil is unlikely ‘for some time to come,” he said.

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