Energy transition, according to Aramco's chief executive, cannot take place without a parallel material transition

When combined with other initiatives, global collaboration and the establishment of an advanced materials centre in Saudi Arabia, as suggested by Nasser, might significantly advance the state of the art in materials research.

The CEO mentioned that the rising demand for concrete is expected to result in emissions of around 4 gigatons of carbon dioxide by 2050.

The global demand for steel alone is projected to increase by more than a third by 2050, and the iron and steel sector is responsible for more emissions than all road freight combined.

Nasser said: “To assist cut emissions in this growth environment, more durable and more sustainable materials must be the building blocks of 21st-century existence.

You can already envision a future where these cutting-edge materials are used to construct anything from buildings and bridges to aeroplanes and cars (even electric ones) and even World Cup football stadiums.

To develop sustainable materials in a cost-effective manner, Nasser said the chemical industry should also enhance and speed its innovation activities.

To reduce the carbon footprint of existing materials, he added, "the main opportunity for the chemical industry is to steadily supplement existing materials with more lasting and sustainable ones, notably polymer- and carbon-based materials."

In his own words: "I believe the industry should specifically focus on discovering superior material solutions, with a lower carbon footprint in high volume applications."

“Under a net-zero scenario, petrochemicals might still account for more than half of total world oil demand by 2050. He continued, "That's why our plan to convert up to 4 million barrels per day of liquids into chemicals by 2030, backed by investments in technology, is taking form.