The CEO of Saudi’s Aramco has called for a reality check on how quickly the global energy transition can unfold and said “alternatives are not ready to shoulder the heavy burden of global demand.”

Delivering the keynote address at the Saudi Capital Markets Forum on February 12, Amin Nasser said he “strongly believes” that “pressure from multiple directions to discontinue all new investments in oil and gas … [are based on] flawed assumptions and arguments.”

He added the world will continue to depend on oil and gas for the foreseeable future, particularly in heavy transport, heavy industry and power generation.

Figures from fDi Markets show that in 2022 oil and gas returned to the top 10 recipient sectors of FDI, following the energy crisis sparked by Russia’s invasion of Ukraine.

Governments pledge €792bn to tackle energy crisis

A report released on February 13 by think tank Bruegel states that since the energy crisis began in September 2021, European governments have earmarked €792bn to shield consumers from rising energy costs. 

EU governments have allocated €681bn, of which Germany is responsible for €268bn. Figures for the UK and Norway are €103bn and €8.1bn, respectively. The figures do not include measures introduced by sub-national governments.

On a per-capita basis, the biggest pledges have come from the governments of Luxembourg (€3765), Denmark (€3512) and Germany (€3221). 

CIFIUS extends exemptions

The US’s Committee on Foreign Investment in the United States (CFIUS) has extended the UK and New Zealand’s exemptions from tough measures introduced in 2018 by then-president Donald Trump. 

On Friday February 10 the country’s investment screening watchdog confirmed that companies from the two countries could continue to make certain real-estate investments and take non-controlling stakes in US companies without sparking a CFIUS review.

They join Canada and Australia, which were granted a similar extension last year.