The Saudi Arabian Oil Minister, Ali Naimi, contends that an overemphasis on promoting renewable energy development could lead to a “nightmare scenario” in which investment falls in oil exploration while alternative energy is not ready to pick up the slack. Speaking to a group of oil executives in Houston, Naimi said that the massive and “highly efficient and economical” nature of the oil-based economy will make a rapid move to renewable energy supplies “costly and impractical.” In apparent reference to the Obama administration, which is promoting a move to renewable energy, he said that forcing such a shift could have a “chilling effect on investment in the oil sector” and could lead to energy shortages if projections of renewable energy output prove too optimistic. Meanwhile, the German magazine Der Spiegel reports that despite European success in expanding energy production from renewables, the continent’s overall carbon dioxide emissions are not falling because the European Union’s emissions trading system is too lax.
Saudi Minister Speaks OutAgainst Rapid Shift to Renewable Energy
More From E360
-
Energy
Why U.S. Geothermal May Advance, Despite Political Headwinds
-
Food & Agriculture
In War Zones, a Race to Save Key Seeds Needed to Feed the World
-
Climate
Lightning Strikes the Arctic: What Will It Mean for the Far North?
-
RIVERS
A Win for Farmers and Tribes Brings New Hope to the Klamath
-
Solutions
Deconstructing Buildings: The Quest for New Life for Old Wood
-
NATURAL DEFENSES
How Restored Wetlands Can Protect Europe from Russian Invasion
-
Solutions
Birds vs. Wind Turbines: New Research Aims to Prevent Deaths
-
FORESTS
Cambodian Forest Defenders at Risk for Exposing Illegal Logging
-
OPINION
The ‘Green’ Aviation Fuel That Would Increase Carbon Emissions
-
CONSERVATION
Out of the Wild: How A.I. Is Transforming Conservation Science
-
Energy
China’s Mega Dam Project Poses Big Risks for Asia’s Grand Canyon
-
Solutions
How Natural Solutions Can Help Islands Survive Sea Level Rise