A Triangle' Approach Al-Falih emphasized that, “Energy is an essential input to almost every type of economic activity … and underpins our contemporary way of life.” He added that in looking to the future of energy, industry leaders need to focus on what he termed “the Triple-A Triangle,” which comprises three major imperatives: adequacy, affordability and acceptability. “In the end, we need to meet growing energy demand to permit economic growth and social development, and do so in a manner that protects our environment,” he said. He affirmed that even though there is great promise in a number of alternative energy sources, leaders need to stay focused on the fact that hydrocarbons will remain the dominant energy source for decades to come. Al-Falih went on to say that the consensus view is that, 20 years from now - even with technological advances between now and then - fossil fuels will continue to satisfy about 80 percent of total energy consumption. “I do want to clarify that the industry should continue to invest in the most promising renewable sources,” he said. “I do not believe in an ‘either-or' choice but rather a complementary approach. Given that global energy demand is set to double over the next 40 years, I strongly believe we will need contributions from all sources.” --MORE
