People, Policy, Finance: Realizing an Equitable Energy Transition
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see this your Royal Highness excellences
uh great to see you all here sorry for
running uh a little bit um late but uh
this is um I see people are very patient
because it’s a very consequential uh
panel uh you also all know that on our
special meeting here uh in Saudi Arabia
it’s about global
collaboration it’s about Reviving growth
but it’s also about energy for
development
and um there’s no development without
energy and um this uh is at the core of
this panel uh it’s a great uh panel I’ll
come back uh to that but we are faced in
many ways with the triangle and um one
is energy access There is close to 800
million people on our planet that don’t
have access to basic
electricity let’s not forget that and
then uh in Europe uh we have learned a
lot about energy security also uh the
last year so you will have to have
predictability when it comes to energy
and the third part of the triangle is um
decoupling how can we reach all this and
continue development but also reaching
the international agreements that we
have made uh in Paris and and lately now
at cop 28 um in Dubai
uh how to uh square a circle or or or or
maybe square triangle I don’t know uh at
least I I’ll leave this uh to the panel
that is is great his Royal Highness
Prince Abdul AIS has been such a great
uh supporter uh of our Summit thank you
uh your highness he’s also asked as the
host to speak last so just so you know
I’m not bypassing his His Highness but
is on his uh request but we will come
back to you um your your highness and um
we have uh from the Le uh uh here for
for you we have Darren Woods chairman
and CEO of exen mobile welcome we have
then Wiki holl president and CEO of
idential and then we have uh his
Excellency sbin sharida alabi minister
of State for energy Affairs of Qatar and
then we have Kadri Simpson commissioner
for energy European commission so this
will be uh a very interesting and uh
important discussion let me start uh
with you uh Darren Woods um how is it
possible to uh make sure that we are
able to secure security for energy that
we are able to reach those that don’t
have energy making sure that energy is
also underpinning the necessary economic
growth that we need but also then
meeting the international obligations
and decouple this uh from grow in
Greenhouse emissions is there a path for
this and uh is Aon on that path yeah
thanks for the question I would I would
say I think the good news is this is not
the first time the world has faced
challenges or issues that are
multi-dimensional that you have to to
take into account and address a number
of competing interests I think it is
unique in that we are attempting to do
it at a scale that in the past has never
been attempted and we’re attempting to
do it in an area that is so critically
important to people’s uh Lifestyles uh
their prosperity and and the um
importance of it to economic growth so
that makes it particularly challenging
but I would say you know we have
approached this in the past Society has
different countries have approached this
as a one-dimensional problem that has
frankly been translated from reducing
emissions to uh reducing oil and gas and
I think we’ve gotten very fixated on a
very narrow uh solution set and put in
policies around the world to try to
address that very n narrow solution set
and we’re beginning to see the
consequences of that and so my view uh
is we need to step back and focus one on
a problem statement which is emissions
and then start thinking at a very Global
level how do you address uh reductions
in emissions and the good news is we
have done things like this in the past
across the globe and the first thing we
need to address is a mechanism and
method for accounting for
emissions uh we today the world no
country has a mechanism place to
actually account for carbon emissions so
if you can’t measure it you sure can’t
can’t manage it so start with
understanding and uh have a globally
accepted carbon accounting system in
place and once you have a carbon
accounting system in place you can begin
to um put policy in place to address the
carbon emissions associated with any
product that society makes uh through
carbon intensity specifications the
beauty of that is you don’t have to have
the answer you’re not focusing on a way
of getting to an answer but instead
you’re focused on the outcome that
you’re after and you let the market
markets Academia technology businesses
governments focus on how best to achieve
the outcome that unleashes the power of
capital markets and focuses on an
objective and doesn’t require policy
makers to try to come up with an answer
on their own but instead focus on
delivering a solution and this uh
fortunately is how we’ve managed many
other
um uh parameters that we’ve tried to
control with different products so think
of lead and gasoline think of sulfur
emissions and Diesel there’s a number of
examples around the world and around a
lot of different products that we’ve
already managed to re make improvements
through a more rational objective
process thank you uh thank you very much
uh I want to move to kri Simpson uh
commissioner for energy of the EU EU has
been uh through um quite a uh
transformation uh 40% % of the natural
gas that was consumed uh came from
Russia uh from one uh day to another
most of that gas was gone you pivoted uh
into LNG both from Qatar uh the us but
you also started a process of rolling
out uh then uh Renewables uh listening
then to uh Mr woods but also your
experience now where do you see the
energy future um of the European union
and still staying
competitive thank you for your question
and good afternoon everybody and thank
you for your kind invitation um it’s
pleasure to attend today’s special
meeting and indeed it was just a couple
of months ago when European Union was
able to announce that we are exiting
from the crisis mode so um for a couple
of years uh
our citizens and our industry they had
to face uh very high energy prices and
on top of that there was um especially
during the winter season a concern do we
have enough natural gas at our disposal
to heat our homes and now um two years
since uh Russia started to manipulate
our gas market we can say that our
underground gas storages are
sufficiently full and prices are down to
pre-war level so I do remember that in
2021 when we saw first signs that Russia
was manipulating our markets I was
visiting in Qatar and um we did very
intensive Outreach to find alternative
suppliers um it was a challenging task
but luckily we had already um a um
impressive network of lery terminals
built out across Europe so indeed we
managed to um diversify our supplies and
saying that it was um a surprise for
many uh member states that one and
supplier can cut you out like this
because pipeline gas um interconnections
they were built um during sovet area
they connected um more than dozen member
states in Europe This Russian gas fields
and this uh situation that we were left
without Russian natural gas was not the
result of our um sanctions on the
contrary it was their unilateral
decision to um to create difficulties
political difficulties for our
government
but then of course like we already found
out in
2021 um it was impossible to replace 155
billion cubic meters overnight with LNG
um no LNG producer was able um to
increase their um production in such a
short notice so we had also to implement
emergency measures and we requested our
governments to cut gas consumption they
did so they cut their gas consumption
across the board
uh by
18% how was it possible so onethird of
our um gas consumption is due to the
fact that we heat our homes so that we
had to continue we we were not uh uh
able to announce that uh that people
will freeze another uh 30% goes to power
generation and there we made a
difference we brought online very fast
Renewables past two years have been
record years for Renewables only last
year we brought online 73 GS of new wind
and solar installations that helped us
to cut gas significantly and that
brought prices down and this is a a a
clear signal that our investors when
they had the opportunity to um to make
investment decisions prioritize
Renewables of course we have to invest
also um our taxpayers money to build up
the Creed infrastructure we plan to do
so just last year we presented our
Creeds action plan and this covers not
only our Mainland infrastructure but we
will also connect um offshore uh wind
farms we plan to bring online 111 GW of
new offshore wind uh Power Generation
and as you know the biggest um offshore
windmills are as tall as Eiffel Tower
280 M if you also uh take into account
the sapi foundations they produce uh
well they are 15 megawatt so they
produce as much as 20,000 households
need so we call our um sea Basin North
Sea and Baltic Sea our future green uh
power plants and uh and this is a
promising development this is something
that we can also
um um advise other governments to follow
and uh and um clearly um I trust
private investors I do see that this is
a money this is the sector where they
direct their Investments what what do
you say to uh those in the Europeans
saying that uh LG and natural gas uh is
not environmentally uh friendly do you
say that this is a necessary uh Bridge
or how do you address that indeed for us
uh natural gas right now plays a very
important role well for many member
states natural gas power plants are the
ones who help us to uh to cover Peak
demand when there is not sufficient wind
or or uh solar of course we are also
privileged we have a a vast potential of
hydro reservoirs at our disposal but the
most difficult year summer 2022 we saw
that there was a tro in Iberian
Peninsula and this created on top of
Russian manipulation a very difficult
situation now on gas we just presented
our 2040 uh targets European Union will
cut CO2 emissions by 90% and that means
that uh only Renewables uh well this
clearly will not be sufficient so we
also brought online carbon capture and
storage strategy and also new uh
innovative solutions like smrs uh some
of our member states are very excited to
bring online new nuclear and this is um
totally accepted member states can
choose other Energy Mix and as you know
um the commitment of ours is to become
climate neutral so all the low carbon
technologies that help us to do so um
are welcomed what do you say to the
European countries that have said that
they’re not continuing with nuclear uh
in this situation on top of the
situation with the Russian
gas well this is mainly triggered by the
public acceptance issue and you will
remember that U globally there was lots
of discussion um after Fukushima
accident so my biggest concern is that
right now Russian troops are occupying
the biggest European nuclear power plant
this is saparia power plant in Ukraine
and if they will recklessly create some
kind of disaster then public opinion
changes for
sure thank you uh very much let me then
uh move to you um Minister uh of energy
of kachar his Excellency Al kabi um two
two questions one is the global energy
demand if we know see global growth back
at
3.2% there will also be an increased
demand for energy where do you see that
energy coming from and where do you see
the role of lmg uh in this and and the
long-term uh prospects for Qatar I think
you’re considering even increasing the
production of the northern um field with
like 80% or something it’s on the table
so maybe you can and Enlighten us about
those uh uh plans thank you uh first I’d
like to uh thank uh his Royal Highness
Prince Abdul aiz for inviting me to
attend here and thank you and the Forum
and thank everybody that’s attending for
attending this distinguished Gathering
really here um regarding the outlook for
uh the demand uh in gas I think is is
was your question in general but I think
energy in total uh of course this green
push that we’re talking about we’re all
for having a good environment for us and
for our kids and Next Generation so
we’re all responsible citizens living in
this world if you will small world and
we all want to do what’s right the the
importance is to do it in a way that’s
responsible for this generation and next
generation and make sure that people
that want to grow and countries that
want to grow their economy have this the
same rights that the Richer countries
have all along and and we take everybody
along for the right you’ve mentioned 800
million people not having uh basic
electricity I think the number is more
like a billion or whatever and if we
think about another billion and a half
to two billion uh being joining us uh in
in in the next you know 30 years or so
uh you need power for additional two
billion people coming on on Earth uh so
I think if we shouldn’t be selfish in
just talking about what we want in our
house and forget the neighborhood if you
will the way it has been pushed that you
know demonizing oil and gas all along
for the past almost decade now and and
really
um putting the oil and gas sector as if
we are not doing good for the for
Humanity and everybody that’s green is
trying to push that narrative and so on
I think now everybody is turning to
understand that there is a need for oil
and gas for the long term and the the
people that were saying we need green
hydrogen blue ammonia green ammonia
whatever nobody’s is is coming up and
saying we can pay the price for that a
lot of governments are talking about
Green initiatives but they actually are
not paying for it and at the ultimately
you have consumers that will be paying
for um you know this green all these
green initiatives and they will not be
able to afford it even in richer
countries the demand I think for oil is
going to be there for a very long time
you need petrochemicals that wind farms
and and solar energy cannot uh produce
so you need petrochemical plants you
need all the refined chemicals and so on
that you you will need for a very long
time uh gas is going to be uh needed to
power uh really uh all the the
electricity that’s needed for the
expansions Ura that’s that’s an ammonia
that’s that’s used for fertilizers and
uh as mentioned uh by my colleague here
for the intermittency of of solar and uh
wind uh so so oil and gas are going to
be needed for a very long time you can
debate you know when is speak oil when
it speak gas but that’s irrelevant in my
view the important thing is we all do it
in a responsible way and if you look at
everybody uh that’s that’s uh here in
the panel whether it’s you know my
colleagues from the American companies
uh you know his Royal Highness around
Koh here in in in Saudi Arabia whether
it’s in qar and around the world
everybody is is doing their best in
emissions in methane abatement in
spending billions in in carbon capture
and sequestration so everybody’s doing
it in a very responsible way to make
sure sure that we can develop and and
have growth for Humanity uh in a way
that is very responsible and I think
we’re not being given enough credit for
for doing all that and as mentioned by
Darren there isn’t a real mechanism to
have a proper accounting that we all
have a benchmark and everybody is really
judged on the same basis if you will uh
you have different institutions eia and
you know whoever just puts out numbers
and most of it is politic Al driven is
the elephant in this room the
coal no coal Coal coal I think you see
replacing uh coal with gas and power uh
Cuts your CO2 into half but also I think
I think we should be reducing coal in a
big way but also as we are defending the
gas and the oil that’s needed for a very
long time you also need to do it in a
responsible way for the countries that
cannot afford to do it that quickly so
countries need time also to wean off
coal and I think if they do it in a
responsible way and then slowly you know
get off coal I think that’s also very
important because that’s an immedient
solution where you you cut off Co you
know you reduce your CO2 emissions but I
think the demand is going to be there
for a very very long time and Way Way
Beyond a lot of the projections that
people are talking about most of the pro
the discussion is d driven by political
uh drives for elections but that’s the
bottom line in my view if the demand for
coal continues how will we then be able
to meet the commitments from uh cup uh
28 in Dubai sorry again who can we meet
the commitments uh from cop uh 28 in
Dubai if coal continues to grow I think
you have seen that Cole has been on
record uh a record pce
uh so I I think you can’t meet it if if
Co continues in the same pattern so uh
Darren has asked for uh short uh just a
clarification
yeah the Dubai cop 28 talk about
unated call the phasing out of unated
call so a call is
virtuous thank you for that very
important clarification uh your highness
I’ll go then a short um response from
Daren and I’ll go to uh Vicky Hollow so
Darren well I just wanted to comment on
the elephant in the room which I think
is it’s not coal per se it’s cost and I
think one of the challenges uh
associated with again how society’s been
advancing this is we’ve taken very small
sample sizes and extra extrapolated to
very large problem sets and the reason
why coal continues to be a dominant
energy energy source today around the
world is because of the cost advantages
associated with that and the fact that
developing nations and people who are
trying to raise themselves in their
prosperity levels require cheap energy
and coal is a source of that so the the
elephant in the room is how do we
address the cost and we’re not going to
do it by focusing on an isolation of one
or two solutions instead it’s trying to
engage uh the broader Capital markets uh
broader technology set to find ways to
start reducing cost so that you can
reduce emissions as his Excellency said
responsibly and part of responsible
emission reduction is doing it
affordably so that Nations can do that I
would just make one point uh with
respect to Europe and the response to
the high prices um there was luck
involved in this that there were very
two very warm Winters which allowed the
demand for gas to be low and that
allowed inventories to build which was
fortunate for the people of Europe a
price that’s been paid but hasn’t been
fully recognized yet is
de-industrialization of Europe and the
fact that many companies are going out
of business and is very difficult to
compete on the world markets with a lot
of the policies are being prescriptive
policies are being put in place in
Europe and the cost of that will begin
to manifest itself over time and so huge
implications to to addressing this huge
challenge but we’ve got to start doing
some real math looking at the cost
extrapolating and understanding the the
total problem set rather than very micro
and I think to his excellency’s point we
got to stop the propaganda and the
politics and get down rolling our
sleeves up and the world needs to
develop a realistic plan for for making
progress in this space if it’s okay wi
can the commissioner just comment
shortly on that she’s ask for for the
floor before but you will have ample
time to get with his Asus uh
commissioner just a short response to
that if you want thank you Boran and be
aware that each time when you mention
Europe I I have to reply uh but but
first I wanted to mention that uh on
coal this night I will take overnight
flight back to Italy because we will
have G7 energy ministers meeting and one
issue that we will discuss there again
is how to avoid new investments into Cal
production because we are very much
aware that in Europe the coal fire power
plants are already nearing their end of
life cycle so we ask um some power
plants that are as old as 40 50 60 years
old to retire this is normal thing to do
but in Asia the average age of coold
power plant is 13 so you ask teenager to
retire and this is different uh
challenge of course we have
to help these nations to replace um um
most polluting Alternatives with cleaner
ones and this is the reason why European
Union championed a global pledge to
Triple Renewables by 2030 because um
according to our understanding
Renewables are already the most cost
efficient way to produce electricity uh
what is happening in in Europe since we
announced our green deal we do see that
uh our green deal is also our growth
strategy so uh indeed uh first mover
Advantage is something that our
businesses are crossing and uh this is
also covered with our net indust act so
we do have 12 promising new clean tech
Solutions where we will um um invest
some of our research and Innovation
funds but also we will support European
producers so the very moment when when
there is a concern that we cannot
compete with American companies due to
the fact that we don’t produce gas
natural gas ourselves but Americans to
cover their domestic demand we have to
be Innovative and opt for homegrown
Alternatives this is what we are doing
thank you and before coming to you uh
Wiki I tried with one theory on
elephants in the room Cole Darren said
cost could I also launch a third
candidate and that is subsidies what we
do know that coal is heavily subsidized
in many uh countries more taxpayers
going money going to subsidizing Coal
then it’s uh for energy uh transition
but well let’s keep those elephants
there and you feel free to comment uh on
them or even launch new elephants uh
Vick over to you okay so I’m not going
to launch any elephants I hope but uhu
but I’ll address the ones that are
already in the room and uh that is I
agree with Darren that there has to be a
mechanism in place that drives the
incentive for the whole world to respond
to the situation that we’re in and uh
we’re certainly in a dire situation
because of the fact that um some are
distracting uh the the world from the
real problem and the real problem is
that um we have to decarbonize oil
because it doesn’t really matter how you
look at it wind and solar are fine for
generating electricity but wind and
solar are not going to be the answer for
Aviation and Maritime and Trucking and
and people uh especially those people in
Texas who want to drive their trucks
everywhere uh every family has multiple
vehicles and EVS are not the first two
uh EVS are usually usually a third
choice uh and they’re the fun Choice
they’re not the choice that that really
provides the means to get around um that
may change over time but that’s not
changing very quickly in the US so the
situation we’re in to me is while we’re
working policy and while we’re working
the incentives we have to work the
technology we can’t push that out and so
I think that uh our industry has faced
big challenges before we’ve always been
able to step up and address those
challenges um we’ve done it with the
development of Si 3D seismic with
enhanced oil recovery we’ve done it with
um within the United States when our
production dropped down to less than six
million barrels a day the shell
Revolution took over it took 10 years to
to make that work and so um now it’s
going to take us some time to make
direct air capture work and to make some
of the carbon capture on point sources
work but the way we view it at oxy is
that even if you put stopped all the
emissions from every industrial site
around the world you still need to
reduce CO2 out of the atmosphere and the
strategy that we’re pushing and hoping
the energy will the industry will adopt
and I know some are are um doing
adopting it now and starting to execute
a plan to do it and that is to take CO2
out of the atmosphere use it in enhanced
or recovery in the reservoirs that we
have today it’s a way to generate Net
Zero oil which then
generates Net Zero fuels for maritime
and Aviation and gasoline um also that
would um in be a lower emission source
of oil too because the infrastructure
would already be installed so there are
multiple ways that generating that zero
oil could be a solution for our industry
and could be adopted um as we advance
the
technology and uh just as wind and solar
took about a decade to drop their cost
dramatically I think um the challenge
for us is dropping the cost of uh
director capture I believe with the with
the aid of digital Twins and computing
power that we have today when uh wind
and solar did not have that same uh tool
available to them I think that we can
drop the cost uh we’re we’re building a
facility that will extract 500,000 tons
of CO2 out of the atmosphere in the
peran um in the United States and we’re
already before we even start the third
and fourth train we’re already seeing
um a uh Improvement in technology uh
we’re seeing that um AI is also a help
to to make that happen so I believe uh
director capture has to work there’s
also a revolutionary uh technology to
generate electrical power and it’s
called in the United States net power
it’s something that combusts hydrocarbon
gases with oxygen instead of air so
there are no volatile organic um
emissions and it captures the CO2 and
fresh water as a part of the the
chemical reaction uh so instead of use a
user of water it’s a provider of water
and the CO2 drives the turbine to create
electricity and then captures uh off the
side a um a stream of CO2 that can then
be used in enhanced or recovery so
looking at a circular system here where
you could actually have uh the ability
to continue to produce oil and gas um
the the lowest cost highest intensity
fuel in the world and do it in a way
that help helps you to get more oil out
of the reservoirs we’re producing today
uh that in the end creates the economics
that will work to make that a viable
solution so that we don’t have to
discontinue oil it becomes an emission
free part of of of the energy
mix thank you uh do you want to come in
now your highness no no you I thought
you were G to ask me yeah I will’ll ask
you a question so uh I like this uh yeah
yeah me me too I I thought it was very
interesting I was tempted to ask uh
Darren and the minister if they share
this vision of the no no decarbonized
oil and CO2 out of the
atmosphere um and dropping cost like we
seen on solar uh in these areas is is
this the this decarbonized oil uh
youranus is that a wish you share with
Vicki you can move the questions to to
Darren and sad and then I will okay so
um I’m enjoying the somebody’s doing the
homework for my behalf so so Darren you
heard uh you heard Wicky decarbonizing
oil she’s putting a lot of money uh into
carbon capture and storage to try to see
if we could see the same uh development
there as we saw for solar fell with to
one tenth of the price uh and also
capturing CO2 uh from uh the atmosphere
are are you sharing this wish and and
you are you optimistic that we can see
this kind of breakthroughs and I’ll have
that question uh to uh Darren and then
uh to his Excellency and then we’ll
we’ll we’ll see what uh his Royal
Highness uh thinks so I think technology
is needed advancements in technology and
breakthroughs in technology are going to
play a very important role here I would
say that to date um there hasn’t been
enough work done in that space or enough
incentives for uh people to make the
kind of advances that the world needs
but it is starting and I know Vicki is
working on that space Exxon Mobile has a
a brand new technology that we’re
working on trying to drive the cost of
direct air capture down there are many
other companies doing that and so I
think the good news is there is work
going on in this space uh in the
technology space the bad news is the
costs remain today I think prohibitively
high you can apply it in very um small
applications often times at high prices
and and the challenges how do you
develop a technology that you can
broadly distribute to uh deal with the
issue across the world and I so I do
think it’s going to be important comes
back to the point I was making before we
shouldn’t be focused on the molecules of
hydrogen and carbon and that go into
crude oil we should instead be focused
on the emissions oil is going to be
around for a long time people have to
remember that the issue that we’re
trying to deal with is the combustion of
oil products so combustion and the
emissions of associated with it deal
with the emissions you can still combust
even without combustion of oil products
today oil goes into and if you look at
the demand for growth for oil going
forward it goes into chemical products
that are absolutely essential to Modern
Life That’s not going to go away and so
that the idea that you’re going to
eliminate uh oil and gas I think from
the equation in total I just think is
isn’t based on the reality of the
molecules of those uh those feed stocks
and what they go into to support the
standards of living that everyone around
the world is either enjoying or aspiring
to and so you got to find a technology
to address the missions so I’m very
aligned with Vicki on in terms of that
opportunity set I think the challenge is
at what stage does society make the
breakthroughs and how far can we get the
cost down but you don’t you won’t make
progress if you don’t get started and I
think that’s the message that Vicki has
that’s the message that I
have someon sir yeah I’ll I’ll maybe
tackle the second part of the co two
which is the capturing from actual
production uh I think the direct capture
was one I think Darren uh covered it
very well on the direct on the capture
of of CO2 from our production if you
look at we what we’ve done in Qatar
we’ve been injecting 2 and a half
million tons of CO2 that we’re capturing
from our facilities in LG since
2015 uh 2 and half million tons perom so
before anybody was talking about CO2
sequestration or capture we were already
doing it in our uh production increase
that we are going to have uh we’re we’re
actually in construction today to go
from 77 million tons to
126 million tons we’ve announced also
going on another phase to 142 but just
in the first phase of development to 126
we’re going to capture another 11
million tons per anom of CO2 and and
sequester that all our LNG Fleet we’ve
already ordered one are construction of
104 LG ships all of them are going to be
powered by LG without any heavy fuel
oils to uh Power them uh the the whole
CO2 sorry the whole um LNG scheme that
we have is the lowest uh LG uh scheme
from from basically production to ship
in the world uh even with the
enhancement that we have we’re going to
add another 3 to four million tons of
CO2 sequestration we’re building uh the
largest uh blue ammonia plant in the
world that has uh solar and CO2
sequestration uh attached to it in the
south of the country uh the other third
part which I think also Vicki talked
about is enhanced oil recovery we’re
capturing CO2 from our industrial sites
in the north uh of Qatar which is the LG
plus the chemicals and we’re uh piping
them the pipe pipeline uh construction
has already been completed to take it
across country to our Duhan oil field
for enhanced oil recovery so that’s all
being done and I’m sure if you have am
nasar is here if you he sits here and
tells you about the stories they’re
doing in in aramco they’re doing we’re
doing an even more at a larger scale so
everybody is doing their their part of
of being responsible producers I I think
also people don’t look at that much no
so so I I I think that um I I I think
that uh the
decarbonization uh of course probably is
most cost effective with coal then with
oil and and then uh natural gas but the
whole um uh Revolution that we could
foresee here youran is uh related then
to uh decarbonized oil as one uh track
uh
it would be interesting to hear your
comments there but we we this is a
broader panel as I said but I thought
the original question was has to do with
how can we energize the world economy
now and in the future this is much
broader as I started so if I may just be
not the I have
no understanding of how elephant culture
is so I’m going to be the Camelo in the
room camels I understand and I can coopt
with that but I’ll be the camel in the
room
uh and the camel in the room will tell
you
uh you know again we should
not be in all of these events declaring
our Puritans uh from being uh the the
the nasty people that does something
wrong to the environment and the and and
and not being monolithic in our
choices uh we are we stand the risk of
being accused of being acting
irresponsibly or in an irresponsible way
I think the bigger uh question that
people need to devote a lot of time and
they would realize that there are so
many
elephants uh to attend to uh there you
mentioned cost you mentioned
technology uh others will tell you
a bigger evolving camel now I mean
elephant is trade
barriers uh where people are now they’re
giving it a softer name which is
fragmentation I call it silos so if you
have silos if you have again we keep
people forget that climate change issue
and sustainability is a global issue it
cannot be attended to in Regional Scopes
or ter you know a smaller territorial
thing it has to be Global to make it
Global I think we have to uh be
conscious of the fact that we here in
this room and many others here in the
room have choices that at least 60 70%
of the world population do not have that
choice those who are suffering from
energy poverty those who cannot make
ends meat those who are still burning
trees converting them to charcoal and
making ends meat through selling that
charcoal and buying food for themselves
we see them ourself in Saudi Arabia
because we have our sustainability
program and we work with so many
countries in Africa and Southeast Asia
and we have people underground that see
the the misery that people are going
through in fact I talked to Darren and
Vicky in some times on issues of how can
we help and support so I guess the best
thing we do is that we should realize
that and again we go like an eon like
Economist we go from micro to micro we
have to assess what would be the world
energy demand in the future take into
account trying as much faithfully and
honestly to bring people up the economic
leather and there are 6 billion people
that needs to go higher
and look at what will happen to the
world economy as a lollipop and what
happened to energy consumption will be
if these 6 billion go up into the
economic ladder higher let’s not forget
as s was saying that there is two M two
billion more people to come to planet
Earth and they need to be fed and they
need to have jobs education and civil uh
ability to to to live and coexist with
others and again that will add more need
uh energy needs but also it will peral
the economy because otherwise we will be
condescending on the quality of the
people and and and the humans that exist
today and will exist in the in the in
the future more important also we should
be cognizant of the fact that
Technologies are evolving and there will
be lots of
centers uh that seek you know you know
we talk about AI we talk about all of
these uh uh huge requirements for energy
and I ask you how are we going to
deliver the hundreds and hundreds
of gas that would be required for these
Technologies we also need to be cogn to
the fact that oil and gas is
moving uh we move and we will move we
continue move on oil to chemicals and by
the way it’s not an arithma because even
in the process of
electrification people would need
Plastics people would need polymers
people would need things to move the
cars you know the car is a car be it I
IC or electrified or by or whatever form
of engine that operates it 50% of that
car will come from Plastics and as
people income
improves as people in Africa and
Southeast Asia and all of the other
parts of the world their wellbeing
enhanced they will be buying cars be it
electrical or be it is or whatever it is
uh where is going to who is going to
produce the components so it is in
components it is in the amount of
electricity and amount of energy that is
required people tend to avoid looking at
the bigger picture and focus more on the
narrow narrative either am I going to
appear to the public domain as being
clean or cleansed or cleansing or am I
going to be accused of being part of the
problem
I think a serious more attentative
approach would be congregating people
and say we all need every type of energy
and every type of energy will be used in
the future our main concern is how to
make that amount energy going to be
consistent with mitigating to attend to
the issue that we should not forfeit and
uh ignore which is again Faithfully
attending to the issue of climate change
if we can all congregate around that and
fixate ourselves about what to do
collectively regionally it would not
work country by country it would not
work eliminating
Choice uh While others can you know I
was happy to see Kadri saying we have
allowed the members state to have their
own Energy Mix am I right well yeah so
let people have their own Energy Mix let
people make the choice you know this
morning we had a session Brazil can
deliver so many things on on uh uh
methanol uh biomethanol others have
different choices let people do the
choices again let make let us make the
principle is has to do with with
emission and not to Forfeit the idea of
reducing emissions if we can congregate
around that and by the way this is what
we have agreed in
Dubai because I believe that what we
have agreed in Article 28 in Dubai is a
recipe is a menu as they call it French
menu which is an card talks about yes
and that’s the distinction I mentioned
just as I tried to interfere uh you know
in that article it talks about unated
fa unated coal nobody would like to see
unated coal being utilized but then
there are other elements there are eight
other elements including renewable
including carbon capture and calization
including uh transitioning away from uh
hydrocarbon but look at the
distinction in in that item we use the
word word phasing out unabated C when it
comes to uh hydrocarbon we said
transitioning
from and there are eight choices so pick
and choose what is your choice as long
as you can showcase that you are
mitigating and you’re reducing your
emissions I think we’re doing will be
the whole world will be doing uh a great
job for not only for for this generation
but for the generations to come if we
don’t do that and we don’t act as
International citizen responsible
citizens I think we’ll end up with so
many other we just renumerated four
elephants there will become six seven
eight and you know what will
happen all of the whole thing will not
be attended to so even if Europe succeed
wholeheartedly to achieve all of its
goals emissions will come to Europe from
different directions and nothing will
will will survive the day if we don’t
again work holistically I’m sorry for
taking much of the time thank you thank
you re highness um I I wish we could
have continued uh with this panel for
another uh 15 20 minutes but there is a
new panel on the geopolitics uh coming
up with his H uh Prince Fel I think what
we uh learned from this panel that um
there are there are elephants in the
room but is also that we will need to be
able to do several things at the same
time we will need to address the
increased energy Demand with two billion
more people we will uh need uh to also
address um the situation for those that
are living in energy poverty to today
close to 800 million I I think there’s
different numbers out there uh my team
wrote
772 here I don’t know where that number
comes from but there is is a big chunk
of people that don’t even have uh
electricity then we need to also be
inspired uh from what we have seen um
from uh the Renewables who would have
thought 10 years ago that the price of
Solar would fa fall to 110 and and win
from 17 and that is the new technology
olog is that also Wiki uh alluded to
decarbonization of oil also carbon
capture and storage uh CO2 capture uh in
general and then uh of course it is the
security piece you know if you don’t
have diversification of your energy and
rely on one partner that’s not what
we’re doing on other areas um of our
economy and then it’s Reviving economic
growth that we also will need to meet
the sustainable development goals um no
energy no development and then is this
overall commitment to decouple this uh
from growth uh in CO2 emissions so it is
really really I think the most
challenging puzzle that we are faced
with globally um for the time uh being
and um of course there are ways of then
measuring better there ways of putting a
price uh on um also what you want more
of and what you want want less of and
then uh his uh highness’s point about
unabated uh coal U that’s critical and
if you want more unabated unabated coal
I guess you should not subsidize uh what
is uh not unabated coal so these are
some Reflections from myself at the end
I hope I didn’t then start a new
discussion by uh this but I’m I feel
very privileged uh to have uh such a
great panel uh here uh about and and
also dealing with one of the most
complex issues of our time so big thank
you to the panel thank you very
much and it’s it’s a good sign you know
not all panels you want to continue but
I think for this one we would have liked
to continue a little bit longer but
salavi thank thank you shown but you see
we are very civilized with our friends
from the EU contrary to the
media thank you
[Music]
Energy security remains a prominent challenge amid the energy transition, particularly in emerging and development markets.
In this context, how can an equitable and inclusive energy transition be achieved that decouples growth from emissions while simultaneously securing global energy access?