Saudi Gazette report

RIYADH — Amin Nasser, CEO and President of Saudi Aramco, and Patrick Pouyanné, CEO and Chairman of TotalEnergies, addressed the fourth edition of the Saudi Green Initiative (SGI) Forum 2024 on Tuesday.

The forum, held alongside the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16), brought together hundreds of policymakers, business leaders, and experts to discuss global sustainability efforts.

The executives focused on the complexities of the energy trilemma —balancing security, affordability, and sustainability— while advocating for a pragmatic energy transition that incorporates hydrocarbons alongside renewable energy sources.

Amin Nasser highlighted Saudi Aramco’s pioneering role in emissions reduction, particularly its investments to eliminate gas flaring since the 1970s. These efforts have positioned Saudi Arabia as a leader in low-emission hydrocarbons, achieving one of the lowest carbon footprints globally in terms of CO2 and methane emissions.

Nasser reiterated Saudi Aramco's commitment to achieving net zero emissions by 2050 but emphasized the need for a realistic approach.

“We must all reckon with the realities we face. All sources of energy are needed to meet the trilemma of affordability, security of supply, and sustainability,” he said.

Nasser also pointed out the energy inequities faced by billions in the Global South, stating that energy transition strategies must consider the needs of underprivileged populations lacking access to clean cooking fuel or consistent electricity.

Patrick Pouyanné echoed these sentiments, advocating for a fair and orderly transition that meets current demands while preparing for a sustainable future. “Transitioning does not mean exiting hydrocarbons tomorrow but finding a way to balance today’s needs with tomorrow’s goals,” he remarked.

Pouyanné praised the energy industry’s innovation over the last two decades, citing advancements like shale oil, solar power, and wind energy as evidence of its ability to tackle challenges. “Policymakers should tell us to abate emissions, and we will find the best solution,” he said, expressing optimism about the sector's creative potential to address future energy challenges.