Riyadh, Saudi Arabia: 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 this morning. The event, held alongside the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16), convened hundreds of policymakers, business leaders and subject matter experts from across the world.

The two executives emphasized the critical importance of balancing the energy trilemma—security, affordability, and sustainability—while advocating for a pragmatic approach to the energy transition that integrates hydrocarbons alongside renewables.

Amin Nasser underscored Saudi Aramco’s leadership in reducing emissions, highlighting the company’s pioneering investment in stopping gas flaring since the late 1970s. This commitment has positioned Saudi Arabia as a global leader in low-emission hydrocarbons, with one of the lowest carbon footprints in terms of CO2 and methane.

Commenting on Saudi Aramco’s energy transition approach, Amin Nasser stated: “We are committed to achieving net zero by 2050. However, we must all also reckon with the realities we face. These realities tell us that all sources of energy are needed to meet the trilemma of affordability, security of supply, and sustainability.” He added, “Not every country can afford to increase the cost of energy supply. Today, more than two billion people, mainly in the Global South, do not have access to clean cooking fuel, and 700 to 800 million people experience intermittent electricity access. This must be considered in discussions about energy transition.”

Patrick Pouyanné echoed this sentiment, stressing the need for a just and equitable transition. “Transitioning in an orderly manner does not mean exiting hydrocarbons tomorrow. It means finding a way to meet the demands of today while preparing for the future,” he said.

Patrick also remarked, “In the last 20 years, we have been able to be super creative in this industry. Policymakers should tell us to abate emissions, and we will find the best solution. I am very optimistic when I look at the last 20 years. There was no shale oil, shale gas, solar, or wind 20 years ago. Look at what mankind has achieved”.

ABOUT THE SAUDI GREEN INITIATIVE (SGI)

Under the patronage of HRH Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, the Saudi Green Initiative is charting a path for the Kingdom in protecting the planet. With ambitious targets spanning the coming decades, the national initiative aims to improve quality of life and protect future generations by increasing reliance on clean energy, offsetting the impact of fossil fuels, and protecting the environment. For more information visit: www.greeninitiatives.gov.sa

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