Dr. ZAHEER ALLAM
The record profits recently reported by Saudi Aramco in the oil and gas industry for 2022 is cause for concern. The fact that the company reported a record $161bn profit for 2022, the largest annual profit ever recorded by an oil and gas company, seems to point towards a lack of deeper commitments to the necessary transition away from fossil fuels. While other oil and gas companies are also performing at record levels, Saudi Aramco’s profits dwarf those of its rivals. This is a stark reminder of the gap between policy promises and actual actions taken to secure a sustainable future.
As the world grapples with the dual challenges of climate change and energy security, it is crucial that we transition towards renewable energy sources and away from fossil fuels. While the Paris Agreement, signed by many nations in 2015, was a significant milestone in the global effort to combat climate change, it is clear that more needs to be done to achieve meaningful action. One of the biggest challenges in transitioning towards renewable energy sources is the influence of powerful oil and gas companies, as the financial and political power held by these companies can make it more difficult to achieve a transition to renewable energy sources.
The notable increasing profits, despite the numerous global climate agreements demonstrate the need for stronger commitments from governments and businesses to transition towards renewable energy sources. It is not enough to simply set targets and create regulatory frameworks that support the transition towards renewable energy sources. Governments must also take steps to hold businesses accountable for their impact on the environment and encourage them to prioritize sustainability over profits. This requires a fundamental shift in the way that we think about energy and the role that it plays in our lives. The transition towards renewable energy sources requires a new way of doing things, and it is up to governments, businesses, and individuals to work together to make this transition a reality.
This is a complex issue, but the COVID-19 pandemic has shown us that we have the capacity to make significant changes in a short amount of time and reiterated the importance of resilience and sustainability in the face of global challenges. As we look to the future, we must continue to prioritize sustainability and make conscious choices about the products we consume, the way we travel, and the energy we use.
Individuals can play a vital role in creating a more sustainable future by reducing their carbon footprint and advocating for policy changes that prioritize sustainability over profits. In fact, by using our power as consumers and supporting sustainable businesses, we can pressure large companies to transition faster and align their actions with global agendas and social needs. This includes using public transport, walking, cycling, or driving electric cars, reducing energy consumption, and making informed choices about the products we consume. By making these small changes, individuals can contribute to a more sustainable and just future.