ESG & Investing
Saudi Aramco Says ESG Investing Threatens Energy Security
- Aramco CEO says alternatives aren’t ready to replace oil, gas
- OPEC sees the sector needing $500 billion investments annually
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Saudi Aramco’s top official warned Sunday that an increased focus on climate was undermining investment in oil and gas to the point where it now posed a threat to the world’s energy security.
Global investments in the clean energy transition hit $1.1 trillion in 2022, equalling for the first time the amount invested in fossil fuel production, according to an analysis from BloombergNEF.