Amin Nasser, Aramco President & CEO, has called for a new energy transition plan that considers the needs of all countries, specifically those in Asia and the broader Global South.

In a keynote speech at the Singapore International Energy Week, he said a "Transition Plan 2.0" was necessary to account for the Asian continent’s crucial role on the global stage, its resources and its future outlook.

"This may be Asia’s century. But Asia’s voice and priorities, like those of the broader Global South, are hard to see in current transition planning, and the whole world is feeling the consequences. Transition progress is far slower, far less equitable, and far more complicated than many expected… Our main focus should be on the levers available now," Nasser said.

Calling transition expensive, he said an estimated between $100 and $200 trillion was required globally by 2050 for it, while developing countries would need almost $6 trillion each year. Moreover, he said, transition required "staggering" amounts of front-end capital investment, and that "the cost of capital is more than twice as high in developing countries where the need is greater".