Nasser spoke at CERAWeek 2024 in Houston, Texas, highlighting the need for a new energy transition strategy that includes oil and gas.

He identified five "hard realities" that challenge the current transition strategy: the need to revise climate goals, the inability of alternatives to replace hydrocarbons at scale, the high costs of alternatives, energy demands in the Global South, and potential emissions reductions from hydrocarbons.

Nasser advocated for investing in oil and gas instead of phasing them out, based on realistic demand assumptions.

The text emphasizes the need for increased actions to decrease carbon emissions, enhance efficiency, and adopt lower carbon solutions.

It also suggests a gradual implementation of new energy sources and technologies when they are economically viable and have the necessary infrastructure.

The author raises concerns about the impact of the energy transition on consumers, who are demanding lower emission energy but are also struggling with affordability and reliability.

The text criticizes the current transition strategy for disregarding these consumer concerns.

The text summarizes remarks made by Mashel Al-Nasser at the CERAWeek conference regarding the continued dominance of hydrocarbons in the global energy market.

Despite significant investments in energy transition totaling over $9.5 trillion over the past two decades, hydrocarbons, particularly oil and gas, have not been effectively replaced by alternatives.

Global oil demand is projected to reach an all-time high in the second half of this year, and natural gas has grown by nearly 70% since the start of the century.

Nasser's comments suggest that the peak of oil and gas usage is unlikely to occur soon.

CERAWeek is an annual conference attended by over 8,000 professionals from various industries including energy, utilities, automotive, manufacturing, policy, finance, and technology.

The event features approximately 1,400 expert speakers.