'The Guardian' reports that oil industry leaders have blamed the rapid transition to clean energy for recent market volatility.
At an industry gathering in Houston, the world's largest oil companies claimed a poorly-managed transition could lead to, “insecurity, rampant inflation and social unrest.”
Saudi Aramco, the largest global oil producer, ExxonMobil and Chevron all reportedly called the current shift toward clean energy , "deeply flawed."
Amin Nasser, Saudi Aramco's CEO, told the World Petroleum Congress in Houston, Texas, that a rapid shift to cleaner fuels could lead to uncontrolled inflation.
"I understand that publicly admitting that oil and gas will play an essential and significant role during the transition and beyond will be hard for some." Amin Nasser, Saudi Aramco's CEO, via 'The Guardian'
"But admitting this reality will be far easier than dealing with energy insecurity, rampant inflation and social unrest as the prices become intolerably high, and seeing net-zero commitments by countries start to unravel." Amin Nasser, Saudi Aramco's CEO, via 'The Guardian'
"The world is facing an ever more chaotic energy transition centered on highly unrealistic scenarios and assumptions about the future of energy." Amin Nasser, Saudi Aramco's CEO, via 'The Guardian'
'The Guardian' reports that Saudi Aramco has the highest carbon dioxide emissions of any company, producing almost 60 million tons of CO2 emissions between the 1960s and 2017.
Chevron reportedly comes in second with over 43 million tons of CO2 produced over the same period.
Chevron CEO Mike Wirth told the industry conference that oil continues , "to play a central role in meeting the world’s energy needs, and we play an essential role in delivering them in a lower carbon way. Our products make the world run.”
