Barry Blacklock, EnergiesNet

CALGARY
Energiesnet.com 09 19 2023

The first plenary session of the WPC, Energy Transition: The Path to Net Zero 

on Monday, September 18, featured the following speakers:

Darren Woods, CEO of ExxonMobil

• Highlighted the complexity and scale of the global energy system, emphasizing the challenge in transitioning away from existing energy infrastructure.
  
• Noted the natural decline in oil and gas production, calling for sustained investment to prevent supply shortages and price escalation.

Amin Nasser, CEO of Saudi Aramco

• Pointed out that despite economic slowdowns, global energy demand has been on the rise.
  
• Stressed the need for continued investment in cleaner oil and gas technologies to avoid regressing to less sustainable energy forms like coal.
  
• Advocated for a balanced investment in conventional energy and renewables.
  
• Underlined the pivotal role of carbon capture and storage technology in achieving decarbonization goals and reaching net-zero emissions by 2050.

Hou Qijun, President of China National Petroleum Corporation

• Emphasized the importance of accelerating the energy transition in response to growing demand.
  
• Argued for maintaining a stable supply of hydrocarbon production, given its critical role in socio-economic development for millions of people worldwide.

Prince Abdulaziz of Saudi Arabia

• Announced Saudi Arabia’s shift in focus from being solely a hydrocarbon producer to becoming a diversified energy producer.
  
• Highlighted the nation’s cost-advantage in renewable energy production, including green hydrogen.
  
• Revealed Saudi Arabia’s goal of sourcing 50% of its electricity from renewables and its ambition to facilitate international trade in hydrogen and renewable electricity.

The speakers collectively pointed out the complexity of the global energy market, the imperative of ongoing investment, and the need for multifaceted strategies to meet demand while achieving decarbonization goals. There was a shared sentiment on the need for balanced development that accommodates both existing energy systems and emerging renewable technologies.