‘Realistic’ green policies good for the U.S., Aramco CEO says, with Trump to return to White House
Amin Nasser, CEO of Saudi Aramco, speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, on March 18, 2024.
F. Carter Smith | Bloomberg | Getty Images
“Realistic” green transition standards will benefit the U.S. energy industry, the CEO of the world’s largest oil producer said Tuesday, as the White House prepares to welcome President-elect Donald Trump in January.
Asked to comment on the possibility of a U.S. administration that views hydrocarbons more favorably, Saudi state-controlled Aramco CEO Amin Nasser said, “I think you know, policy makers definitely will help with their policies and standards … the energy to expand. That’s why, you know, I think it’s always good for the industry in the U.S. to have more realistic standards for them to achieve their goals.”
He was speaking at a panel moderated by CNBC’s Dan Murphy during the Saudi Green Initiative Forum in Riyadh.
Aramco — aligned with the broader Saudi ministry and with several of Riyadh’s allies in the OPEC+ oil producers’ coalition — has repeatedly advocated an approach to the global energy transition that still utilizes fossil fuels amid the growth of renewables, in a bid to avoid supply shortages. Critics have meanwhile questioned Riyadh’s commitment to the fight against global warming.
Aramco itself aims to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its assets by 2050 and paused long-touted plans to increase its maximum oil production capacity earlier this year. Scope 1 and 2 emissions cover direct and indirect emissions from sources that a company owns and controls or from its purchases and uses.
“I think the unrealistic views you know, when you look at the transition and policy makers, you know, always they would like to achieve a speedy transition, they put [out] certain mandates,” Nasser said Tuesday. “But mandates or policies will not take care of the economics.”
Questions linger whether hydrogen, a nascent source of renewable energy, is economically viable for mass consumption — although production costs are projected to decline within years. Trump has meanwhile previously denounced hydrogen-fueled vehicles, claiming they “tend to blow up.”
The U.S. president-elect’s broader climate policies are now in focus, with activists dismayed by the possibility that the Republican politician will once more withdraw Washington from the 2015 Paris Agreement — a critical framework that targets reducing global greenhouse gas emissions. This would mark a U-turn of the pro-climate action administration of outgoing President Joe Biden, whose legacy bill — the Inflation Reduction Act and the Bipartisan Infrastructure Law — support green projects.
Speaking to CNBC last month, current U.S. Energy Secretary Jennifer Granholm said that a potential Trump decision to undo these initiatives would impact jobs in areas governed by the Republican Party and amount to “political malpractice.”
“I think in the U.S., they will do what’s right for them to expand and accelerate their industry,” Nasser said Tuesday of Washington’s transition plans.
Trump put fossil fuels at the top of his campaign agenda, pledging to “end Biden’s delays in federal drilling permits and leases that are needed to unleash American oil and natural gas production.” In mid-November, the president-elect picked oil and gas industry veteran Chris Wright, a stalwart defender of fossil fuels, to lead the Department of Energy.
U.S. oil production has bolstered throughout Biden’s presidency, hitting a U.S. and global record of 12.9 million barrels per day in 2023, the U.S. Energy Information Administration said in March.
For the second time, a judge strikes down Elon Musk’s $55 billion Tesla CEO pay package as the company struggles to avoid seeing its sales slip year over year for the first time. Plus: an all-new look for Jaguar this Giving Tuesday on Quick Charge!
We’ve also got record EV sales from both Kia and Hyundai, with the latter seeing IONIQ 5 sales double over last year, more Tesla discounts in China AND North America, and more.
Today’s episode is sponsored by Buzz Bicycles, an omnichannel eBike brand that prioritizes excellent value for its growing base of eBike enthusiasts. For a limited time, use promo code “ELECTREK200” at checkout for $200 off the purchase of a Buzz Centris Folding eBike, and be sure to explore all of the company’s Black Friday Deals at Buzzbicycles.com.
Source Links
Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!
Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!
Read more: Renault E-Tech T semi truck gets 600 km range for ’25, logs 19 million miles.
FTC: We use income earning auto affiliate links. More.
“Tesla could not meet program standards” on Oklahoma’s NEVI EV charger installation program, so EVgo took over.
As Electrek originally reported in April, Oklahoma approved more than $8 million in federal funds for Tesla, Love’s Travel Stops, and Francis Energy to build DC fast chargers along its interstates.
The three companies were to provide a combined $7 million in private funding match to build 13 DC fast charging stations. The first round of awards would complete the buildout of I-35, I-40, and I-44 as Alternative Fuel Corridors.
Tesla was supposed to install three Superchargers at the I-44 exit 240 in Catoosa, the I-40 exit 240B in Henryetta, and the I-44 exit 125B in Oklahoma City. In order to qualify for National Electric Vehicle Infrastructure (NEVI) Formula Program funding, they had to be equipped with Magic Docks – that is, CCS compatibility.
However, OK Energy Today reports that Oklahoma Transportation Commissioners unanimously approved replacing Tesla with second-place EVgo yesterday.
Jared Schennesen, multi-modal division manager to the nine commissioners, said:
Tesla could not meet program standards for the gap awarded along I-44 in Oklahoma City.
Due to not meeting the program requirements, ODOT required that the award be revoked from Tesla as direct[ed] by state procurement rules and awarded to second-place finisher EVgo for this gap.
Schennesen didn’t specify exactly how Tesla couldn’t meet the program standards, but the article goes on to note that EVgo reduced its costs considerably compared to what Tesla’s project costs were:
EVgo won the award for a total of $519,740, and Schennesen said it reduced the total project cost by $317,932. The federal share of the project will increase by $201,781 bringing the final total to $801,780.
EVgo has more than 1,000 DC fast charging locations in 40 states and serves over 65 metropolitan areas.
Oklahoma’s NEVI EV charger installation program, EVOK, is responsible for spending $66 million from 2022-27 in NEVI Formula Program funds to create a state EV charging network. The federal NEVI program allocates $5 billion over five years to help US states create a network of EV charging stations. The funding comes from the Bipartisan Infrastructure Law.
The NEVI program requires EV charging stations to be available every 50 miles and within one travel mile of the Alternative Fuel Corridor. EV charging stations must include at least four ports with connectors capable of simultaneously charging four EVs at 150 kilowatts (kW) each, with a total station power capacity of 600 kW or more.
The charging stations must have 24-hour public accessibility and provide amenities like restrooms, food and beverage, and shelter.
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
The US Department of Energy (DOE) says it will loan up to $7.54 billion to a Stellantis and Samsung SDI joint venture to help build two EV lithium-ion battery plants in Indiana.
Stellantis + Samsung EV battery plants loan
The joint venture is called StarPlus Energy LLC, and its huge project will create huge job growth: at least 2,800 jobs at the plants, plus hundreds more for parts suppliers at a nearby park.
At full capacity, the plants will produce about 67 GWh of batteries for Stellantis EVs in Kokomo, enough to supply about 670,000 vehicles annually, the DOE’s Loan Programs Office said. Stellantis said yesterday that the first plant will open in early 2025 and the second in 2027.
To secure the loan, StarPlus needs to implement its Community Benefits Plan, which includes working with community and labor leaders to create well-paying jobs. It’s unclear whether the loan will be able to be finalized before Donald Trump takes office on January 20, but according to the Associated Press, the DOE said “it would be irresponsible for ‘any government to turn its back on private sector partners, states, and communities that are benefiting from lower energy costs and new economic opportunities’ from the loans.”
Electrek’s Take
Since Trump is threatening tariffs all over the place to stimulate domestic manufacturing, it would be pretty dumb if he attempted to kill this loan. The DOE anticipates this and makes a point of saying in its announcement that “the project will greatly expand EV battery manufacturing capacity in North America and reduce America’s reliance on adversarial foreign nations like China, as well as other foreign sourcing of EV batteries.”
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports8 months agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway