The world needs to be spending a lot more money on clean energy. Investment in it must exceed $4 trillion annually by 2030 to limit warming to 1.5 degrees centigrade, the International Energy Agency says, compared with just $1.1 trillion spent last year, according to BloombergNEF. But one major oil executive, the head of the largest private oil producer in the Middle East, threw cold water on the idea that renewable energy will replace fossil fuels any time soon. In fact, he told Fortune, we'll need "100 times more" renewables to fight climate change and offset growing energy demand
“To replace the current system, you need 100 times more [renewables], not three times more,” Majid Jafar, CEO of Crescent Petroleum, said Monday at Fortune’s Global Forum in Abu Dhabi. Crescent Petroleum is the largest private oil and gas producer in the Middle East, with holdings in the UAE, Iraq, and Egypt.
