HOUSTON — The rapid push for a green transition has led to a “painful awakening” for those who underestimated the importance of energy affordability and security, warned the chief executive of Saudi Aramco, the world’s largest oil company.

Speaking at the CERAWeek by S&P Global conference on Monday in Houston, Amin Nasser, president and CEO of Saudi Arabia's state oil company, criticized record spending on clean energy while fossil fuels are increasingly sidelined, arguing that rising electricity costs and economic strain in parts of the world expose the shortcomings of the transition. His remarks come as global investment in clean energy projects hit $2.1 trillion last year, according to Bloomberg data.

“Still, if alternatives were ready, those who pushed hardest and fastest to cut conventional energy should be the envy of the world,” Nasser said. “Instead, it has been a painful awakening for those who thought energy affordability and security could be taken for granted.”

CERAWeek is one of the largest energy events in the world, with around 10,000 delegates in attendance, including officials from 85 countries and around 450 energy executives.