A premature phase out of fossil fuels supply will put global energy security at risk, according to Saudi Aramco chief executive Amin Nasser, who called for a new approach to address what he called the “shortcomings” of the energy transition.

Nasser was speaking during the 24th World Petroleum Congress in Calgary, Canada, on Monday morning, after being presented with the Dewhurst Award, in recognition for services to the petroleum industry.