WEF session: People, Policy, Finance: Realizing an Equitable Energy Transition
[Music] [Music] [Music] 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 is 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 leave this uh to the panel that is is great his Royal Highness Prince Abdul aiz 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 hus but it’s on his uh request but we will come back to you um your uh your highness and um we have uh from the left uh uh here for for you we have Darren Woods chairman and CEO of exen mobile welcome we have then Wiki Hol president and CEO of Occidental and then we have uh his Excellency sadin sharida Al kabi minister of State for energy Affairs of Qatar and then uh 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 oblig and decouple this from grow in Greenhouse emissions is there a path for this and is axon 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 of issues that are multi-dimensional that you have to to take into account and address a number of competing interest 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 emission I 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 the 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 in place to actually account for carbon emissions so if you can’t measure it you sure 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 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 markets Academia technology businesses governments focus on how best to achieve the outcome that unleashes the power of capital markets and 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 uh 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 moveed 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 day to another most of that gas was gone you pivoted uh into LNG both from Qatar 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 storage is are sufficiently full and prices are down to pre-war level so I do remember that in 2021 when we saw first signs that the Russia was manipulating our markets I was visiting 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 L 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 dominant 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 governments but then of course like we already found out in 2021 um it was impossible to replace 155 billion cubic meters overnight with 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 one3 of our um gas consumption is due to the fact that we heat our homes so that we had to continue 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 gws 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 with 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 sabc 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 patients 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 lerg 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 so 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 trot 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 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 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 uh you will remember that uh globally there was a 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 LG 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 Enlighten us about those uh uh plans thank you uh first I’d like to thank uh his Royal Highness Prince ABD 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 are 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 the same rights that the Richer countries have uh all along and and we take everybody along for the ride 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 2 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 oiling 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’s 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’t 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 you need petrochemicals that wind farms and and solar energy cannot uh produce so you need prochemical 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 UA that’s that’s an amonia 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 you speak oil when you 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 coh here in in in Saudi Arabia whether it’s in Qatar 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 is doing it in a very responsible way to make 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 politically 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 call 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 driven by political uh drives for elections but that’s that’s the botom 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 cup uh 28 in Dubai if coal continues to grow I think you have seen that Cole has been on record uh a record Pace uh so I think 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 CB 28 talk about unated Co they phasing out of unabated call so abated call is virtuous thank you for that very important uh clarification uh your highness I’ll go then a short um response from Darren and I’ll go to uh Vicky Hollow so Darren well I just wanted to comment on the elephant and 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 source today around the world is because of the cost advantages associated with that and the fact that uh developing nations and people who are trying to raise themselves and their prosperity levels require cheap energy 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 in isolation 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 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 um I would just make one point with respect to Europe and the response to the high prices U 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 that 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 we can the commissioner just comment shortly on that she’s ask for for the floor before but you will have ample time together with us as us uh commissioner just a short response to that if you want thank you Bor 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 well 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 inv investments into coal production because we are very much aware that in Europe the Cal 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 a cold power plant is 13 so you ask teenager to retire and this is different 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 grow strategy so uh indeed uh first mover Advantage is something that our businesses are crossing and uh this is also covered with our Nets 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 compan 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 uh said cost could I also launch a third candidate and that is subsidies what we do know 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 Vicki over to you okay so I’m not going to launch any elephants I hope but uh 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 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 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 than6 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 be a lower emission source of oil too because the infrastructure would already be installed so there are multiple ways that generating Net 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 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 us a user of water it’s a provider of water and the CO2 drives the turbine to create the electricity and then captures uh off the side a um a stream of CO2 that can then be used in enhanced o 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 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 discontinu 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 you I thought you were going to ask me yeah I will 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 as atmosphere um and dropping cost like we seen on solar uh in these areas is is this the this decarbonized oil uh your highness is that a wish you share with Vicky if you can move the questions to to Darren and sad and then I will okay so um Dar I’m enjoying the somebody is 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 to 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 vision 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 and 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’s working on that space Exon Mobile has a a brand new technology that we’re working on trying to drive the cost of direct air captured 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 Pro prohibitively high you can apply it in very um small applications often times at high prices and and the challenge is 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 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 the 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 emission so I’m very aligned with Vicki on in terms of that opportunity said 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 Selman sir yeah I I’ll maybe tackle the second part of the CO2 which is the capturing from actual production uh I think the direct capture was one I think Daren uh covered it very well on the direct on the capture of of Co 2 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 a 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 ion 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 perom of CO2 and and sequester that all our LG Fleet we’ve already ordered one are in in 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 LNG 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 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 Nas is here if you he sits here and tells you about the stories they’re doing in in aramco they’re doing what 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 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 foree here uras uh related then to uh decarbonized oil as one uh track um it would be interesting to hear a 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 so 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 camel in the room camels I understand and I can cooped with that but I’ll be the camel in the room uh and the camel in the room will tell you uh we you know again we should not be in 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 Darren you mentioned cost s you mentioned technology uh others will tell you a bigger evolving cam 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 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 s Arabia because we have our sustainability program and we work with so many countries in Africa and Southeast Asia and we have people in the ground that see the the misery that people are going through in fact I talked to Darren and Vicky in some sometimes 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 from macro to micro we have to assess what would be the world energy demand in the future Tak 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 bill ion go up into the economic ladder higher let’s not forget as s was saying that there is two Mill 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 Peru the economy because otherwise 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 gigas that would be required for these Technologies we also need to be cognizant of 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 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 ice IC or electrified or B 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 will beinging enhanced they will be buying cars be it electrical or be it I or whatever it is uh where is going to who is going to produce the components so it is in components it is on the amount of electricity and amount of energy that is required people tend to for 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 member 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 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 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 Tred to interfere uh you know in that article it talks about unated facil unated Co nobody would like to see um unated coal being utilized but then there are other elements there are eight other elements including renewable including carbon capture and sequesteration including uh transitioning away from uh hydrocarbon but look at the distinction in in that item we use the word phasing out unabated coal when it comes to uh uh hydrocarbon we said transitioning from and there are eight choices so pick and choose what’s 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 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 end up with so many other we just renumerated four elephants there will become six seven8 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 goal 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 Reus 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 coming up with With His Highness 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 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 today close to 800 million I I think there are 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 from what we have seen um from uh the Renewables who would have thought 10 years ago that the price of Solar would fell fall to one10 and and win from 17 and that is the new technologies 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 is 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 uh that’s uh 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 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 salav thank you sh but you see we are very civilized with our friends from the EU country to the media thank you for e
WEF session: People, Policy, Finance: Realizing an Equitable Energy Transition
A special session at the WEF addresses energy security amid the transition to clean energy – particularly in developing markets.
SCHEDULE:
1130GMT– Session starts
SPEAKERS:
Minister of Energy, Ministry of Energy of Saudi Arabia, H.R.H. Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud,
President and Chief Executive Officer, Occidental, Vicki Hollub,
Chairman and Chief Executive Officer, ExxonMobil, Darren Woods,
President, World Economic Forum, Børge Brende,
Commissioner for Energy, European Commission, Kadri Simson,
Minister of State for Energy Affairs of Qatar, Qatar Government, Saad Sherida Al-Kaabi
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On the supply side Chinese economy is in a very good shape: Jeffrey Sachs https://www.youtube.com/watch?v=BWBCXSZf9Nc