Energy shock shows the need for fossil fuels, Saudi Aramco CEO says © Getty Images / Westend61

The energy crisis has shown the need to overhaul green energy transition plans and maintain investment in oil and gas production, Saudi Aramco’s chief executive Amin Nasser told the Financial Times.

Speaking on the sidelines of the World Economic Forum (WEF) in Davos, Nasser said that underinvestment in hydrocarbon projects, which are intended to help the world reach net zero emissions by 2050, had left the industry unable to guarantee affordable energy supplies because little had been done to curb demand.

“The crisis is just indicating to us [that] you are running the whole world with not enough spare capacity,” Nasser was quoted as saying by the FT. “Instead of really working on a transition that will help the world by 2050, we are pushing the world to more coal because we are not taking seriously the issue of energy security, affordability and availability,” he said. (RT)