The CEO of the world's largest oil company, Saudi Arabian Oil Company (Saudi Aramco), Amin Nasser, stated on Tuesday that as Trump prepares to return to the White House in January, a "realistic" green transition standard will benefit the us energy industry.
When asked whether the US government might be more bullish on hydrocarbon fuels, Nasser said, "I think you know, policymakers will certainly help them devise policies and standards... for expanding energy. That’s why, you know, I think it’s always beneficial for the us industry to set more realistic standards to achieve their goals."
Saudi Aramco is aligned with other departments of the Saudi government and several allies in the Organization of the Petroleum Exporting Countries and its allies (OPEC+) advocating for a global energy transition approach that continues to utilize fossil fuels while transitioning to wind power growth in order to avoid supply shortages.
Meanwhile, critics question Saudi Arabia's commitment to combating global warming.
Saudi Aramco itself aims to achieve net-zero emissions of scope 1 and scope 2 greenhouse gases in its assets by 2050, and earlier this year suspended the long-touted plans to increase its maximum oil production capacity.
Scope 1 emissions are those directly generated by the company, scope 2 emissions are those generated indirectly through the purchase of energy. Scope 3 emissions are the indirect emissions occurring in the company's value chain.
Nassr stated on Tuesday: "I believe that when you look at the energy transition period and policymakers, those unrealistic views you know of always hope for a rapid transition. They propose certain mandates, but those mandates or policies do not take the economy into account."