Amin H. Nasser, President and CEO, has called for action to avert a more acute energy crisis and a North-South transition gap. He emphasized the need for a more realistic and robust transition strategy that is multi-source, multi-speed, and multi-dimensional in a keynote lecture today at the 24th World Petroleum Congress in Calgary, Canada.
He also stressed the possible consequences of disregarding energy security and affordability challenges, while applauding world leaders’ growing realization that transition planning required pragmatic and appropriate solutions that reflected diverse countries’ economic and energy conditions.
On the risk of a global energy transition divide, Mr Nasser said: “While much of the Global North is focusing on environmental sustainability, the priority for many in the Global South is economic survival. Transition planning has not sufficiently recognized this clear need for distinctive solutions, and a widening divide is an inevitable result.”
On the danger of phasing out conventional energy prematurely, Mr Nasser said: “The current transition shortcomings are already causing mass confusion across industries that produce and/or rely on energy. Long-term planners and investors do not know which way to turn. It is increasing the risk of acute supply-demand imbalances in conventional energy, and therefore an even more serious energy crisis where countries and people, not just assets, are stranded.”
On the scale of the transition challenge, Mr Nasser said: “We are talking about the complete transformation of a $100 trillion global economy today. One that is likely to roughly double in size by 2050, with close to an additional two billion energy consumers. In short, the re-invention of our entire energy-based way of life in less than 30 years. Let us be inspired by that, but understand it means making history.”
The World Petroleum Congress is still going on through September 21st, with the subject “Energy Transition: The Path to Net Zero.” The World Petroleum Council awarded Mr Nasser with the Dewhurst Award during this year’s event, which celebrates executives who have made a remarkable effect on the global oil, gas, and energy business. Mr. Nasser is just the World Petroleum Council’s 12th recipient of the prize in its nearly 90-year history.