The energy shock sparked by the war in Ukraine has shown the need to overhaul green energy transition plans and maintain investment in oil and gas production, according to Saudi Aramco’s chief executive.

Speaking on the sidelines of the World Economic Forum in Davos, Amin Nasser said under-investment in hydrocarbon projects, that are intended to help the world reach net zero emissions by 2050, had left the industry unable to guarantee affordable energy supplies because little had been done to curb demand.

“The crisis is just indicating to us [that] you are running the whole world with not enough spare capacity,” Nasser told the Financial Times, referring to the amount of additional oil and gas that can be quickly pumped to keep pace with spikes in demand or a sudden disruption to existing supplies.