‘Pragmatic’ voices warn hydrocarbons remain vital as leaders call for balanced, transition strategies

The global debate over the energy transition is shifting from lofty rhetoric to a more pragmatic conversation, as policymakers and industry leaders grapple with persistent demand growth, supply gaps, and geopolitical volatility.

Executives from oil, gas and power sectors are increasingly warning that while the drive for net-zero remains critical, the notion of a swift, cost-free transformation is colliding with economic and technical realities.

Their voices highlight not only the challenges of scaling renewable technologies but also the political and social implications of asking consumers to bear rising costs amid already fragile economic conditions worldwide.

In July, at Energy Asia 2025 in Kuala Lumpur, Amin Nasser, Saudi Aramco President and CEO, struck perhaps the sharpest note, calling the dominant narrative little more than a "fairytale fantasy".

He argued that the transition has been "oversold, under-delivered, and increasingly divorced from reality", pointing to oil demand still exceeding 100 million barrels per day (bpd).

Renewables are growing, he said, but far from ready to shoulder the intended global load.

"Pragmatism is replacing idealism," Nasser declared, stressing that energy security and affordability must sit alongside sustainability.

Other leaders have echoed that view in different tones. Patrick Pouyannre, CEO of France’s TotalEnergies, insisted in February that LNG expansion is essential for both security and affordability.

"Europe cannot afford to turn its back on long-term gas supply," he said, while pledging new investments in US LNG projects.

Haitham Al Ghais, Opec Secretary General, reinforced the demand outlook in July, stating: "Oil will remain a central part of the energy mix for decades to come," with global use expected to climb to 111.6 million bpd by 2029.

In North America, Darren Woods, CEO of ExxonMobil, has argued that dismissing oil and gas too quickly risks destabilising economies.

He noted: "The world still depends on hydrocarbons, and managing emissions from them is the most practical way forward."

The common thread running through these interventions is not opposition to renewables but a recalibration.

Leaders across regions are converging on the idea that hydrocarbons will remain indispensable while the world builds out alternatives.

The task ahead, they suggest, is to cut emissions from traditional fuels while accelerating new energy, a transition grounded less in fairytales and more in hard reality.

BY Abdulaziz Khattak