Speaking on the opening day of the Singapore International Energy Week (SIEW) 2024 on Oct 21, Nasser says Asia’s progress on the energy transition is “far slower, far less equitable and more complicated than many [have] expected”.
The president and CEO of Aramco says Asia’s priorities, like that of the Global South, are being ignored by the developed markets as they push ahead with the energy transition.
This is despite Asia accounting for “almost half” the world’s GDP as well as half the world's population, says Amin Nasser, head of Saudi Arabia’s state-owned oil giant. “This year alone, Asia is likely to contribute roughly 60% of the global economy growth and Asia consumes more than half of global energy supplies. Crucially, 84% of the consumption is still supplied by conventional energy. In short, Asia is vital to the global economy, our shared climate ambition and the hopes and dreams of billions of people.”
