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Arab Big Shot sir declared energy transition from oil is up lorry liao

k1976

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Saudi Aramco CEO says energy transition is failing, world should abandon ‘fantasy’ of phasing out oil​

PUBLISHED MON, MAR 18 202411:53 AM EDTUPDATED MON, MAR 18 20242:10 PM EDT
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Spencer Kimball@SPENCEKIMBALL
WATCH LIVE
KEY POINTS
  • Saudi Aramco CEO Amin Nasser said the current energy transition strategy is failing.
  • The world should give up on the idea of phasing out oil and gas, Nasser said.
  • The CEO called for a reset of the strategy that focuses on reducing emissions, not phasing out oil and gas.
 
HOUSTON — Saudi Aramco CEO Amin Nasser said Monday that the energy transition is failing and policymakers should abandon the “fantasy” of phasing out oil and gas, as demand for fossil fuels is expected to continue to grow in the coming years.

“In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities,” Nasser said during a panel interview at the CERAWeek by S&P Global energy conference in Houston, Texas.

“A transition strategy reset is urgently needed and my proposal is this: We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions,” the CEO said to applause from the audience.

The Paris-based International Energy Agency forecast last year that peak oil, gas and coal demand would come in 2030. Nasser said demand is unlikely to peak anytime soon, let alone by that year. Nasser suggested that the IEA is focusing on demand in the U.S. and Europe and needs to focus on the developing world as well.
 
Nasser said alternative energy sources have been unable to displace hydrocarbons at scale, despite the world investing more than $9.5 trillion over the past two decades. Wind and solar currently supply less than 4% of the world’s energy, while total electric vehicle penetration is less than 3%, he said.

Meanwhile, the share of hydrocarbons in the global energy mix has barely fallen in the 21st century from 83% to 80%, Nasser said. Global demand has increased by 100 million barrels of oil equivalent per day during the same period and will reach an all-time high this year, the CEO said.

Gas has grown 70% since the start of the century, Nasser said. The transition from coal to gas is responsible for two-thirds of the reductions in carbon emissions in the U.S., he said.
 
I don't know who is the one who says that electricity is the way to go. No need oil no need gas.
Just produce your energy via solar wind or water. How stupid is this?

You can't even store the electricity, How are you supposed to produce electricity?

If we could store electricity, We would have gathered all the electricity generated during thunderstorm and keep it in when we need to use it we just use it.
 
congo9 said:
I don't know who is the one who says that electricity is the way to go. No need oil no need gas.
Just produce your energy via solar wind or water. How stupid is this?

You can't even store the electricity, How are you supposed to produce electricity?

If we could store electricity, We would have gathered all the electricity generated during thunderstorm and keep it in when we need to use it we just use it.
Click to expand...
Storing electricity is expensive.
 
k1976 said:
Wind and solar currently supply less than 4% of the world’s energy, while total electric vehicle penetration is less than 3%, he said
Click to expand...
China's EV sales may breach 50% soon and this is pretty significant as it's the biggest car market on the planet.
 
congo9 said:
I don't know who is the one who says that electricity is the way to go. No need oil no need gas.
Just produce your energy via solar wind or water. How stupid is this?

You can't even store the electricity, How are you supposed to produce electricity?

If we could store electricity, We would have gathered all the electricity generated during thunderstorm and keep it in when we need to use it we just use it.
Click to expand...
WEF. Using full electricity and fully digitization will enable the AI to fully monitor everyone carbon footprint. This is one of the important goal building smart cities. Whatever you do, go and think. Everything will be tracked.
 
Last edited:
Truthspeak said:
WEF. Using full electricity and fully digitization will enable the AI to fully monitor everyone carbon footprint. This is one of the important goal building smart cities. Whatever you do, go and think. Everything will be tracked.
Click to expand...
This is bad. The computers will know weaknesses.
 
When tiong entered EV, EV died. If they enter microchips, Samsung Hynix TSMC Micron ... all will die.
 
Patriotmissile said:
When tiong entered EV, EV died. If they enter microchips, Samsung Hynix TSMC Micron ... all will die.
Click to expand...

That's why it is important to sanction and tariff Tiongland.

If necessary, a naval blockade, a no-fly zone and the breaking of diplomatic relations are options on the table.

 
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