‘Our products make the world go crazy’: Oil and gas CEOs, Railway ministers resist aggressive push for ‘green energy’, warn that global economy will collapse if not have fossil fuels

Thomas Catenacci

The chief executive of the major oil company slammed the positive global push for renewable forms of energy and warned that such policy could collapse the economy.

The CEOs of ExxonMobil, Chevron, Halliburton and Saudi Aramco said crude oil and natural gas continued to be vital keys to the health of the world economy and could not be discounted. Executives agree that climate change needs to be addressed, but not at the expense of today’s energy needs.

“I understand that publicly acknowledging that oil and gas will play an essential and important role in the transition and beyond will be difficult for some,” said Saudi Aramco CEO, Amin Nasser said in his summit speech, Financial Times report. People “assumed that the right conversion strategy was in place. It’s not,” Nasser said: Reuters report. “Energy security, economic development and affordability are clearly not getting enough attention.”

“But acknowledging this reality will be much easier than dealing with energy insecurity, rampant inflation and social unrest as prices become unacceptably high and commitments net zero of countries is beginning to unravel,” Nasser said.

Nasser says the world is going through a “chaotic energy transition” with “very unrealistic” assumptions about the future of the industry, according to the FT.

In November, world leaders gathered at the United Nations COP26 climate change summit to discuss plans to accelerate the world’s renewable energy transition and curb emissions. Greenhouse gas. Quoc agreed to a global methane pledge, One pact forest protection and a pledge to help developing countries finance their green ambitions.

“This is the decade that will determine the answer. This decade, “President Joe Biden” speak In a conference speech on November 1, “The science is clear: We have only a short time left to raise our ambitions and raise – to meet the mission at hand. rapidly shrinking”.

Biden commit limit U.S. emissions by 50% by 2030, decarbonize the grid by 2035, and achieve a net zero-emissions economy by 2050, goals that some experts say are too ambitious. The European Union has made similar commitments Below Its so-called European Green Deal.

But COP26 took place in the context of a energy crisis facing many European and Asian countries. Gasoline and heating costs in multi-year high and is expected to remain there through the winter.

“The reality remains that, under most credible scenarios, including net zero roads, oil and natural gas will continue to play an important role in meeting the needs of society. ,” Exxon CEO Darren Woods commented on Monday, follow Reuters.

Chevron CEO Mike Wirth says oil and gas continues to play a “critical role” in meeting the world’s energy needs, The Wall Street Journal report.

“Our products make the world work,” says Wirth. ‘Our products make the world go crazy’: Oil and gas CEOs, Railway ministers resist aggressive push for ‘green energy’, warn that global economy will collapse if not have fossil fuels

Huynh Nguyen

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