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Saudi Arabia's Energy Minister Khalid A. Al-Falih says the idea that oil companies face "stranded assets" as the world moves toward green energy is dangerous. He praised the growth of renewables and electric cars, but noted growing global oil demand driven by Asia and warned of underinvestment in global supply.

"Misguided projections of peak demand and stranded petroleum resources may discourage the trillions of dollars of investments needed to underpin essential oil and gas supplies during the long transformation of our global energy [mix]." — Al-Falih at CERA Week conference in Houston

Underinvestment, he said, would "amount to nothing less than compromising the world's energy security by squandering staggering quantities of our planet's natural energy endowment." Damaging price spikes would follow.

Why it matters: The powerful oil kingdom is pushing back against climate change activists who have rallied around the term "keep it in the ground"—the "it" being fossil fuels—to describe the need to avoid runaway climate change.

Go deeper

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 3 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."

Biden: DOJ should prosecute those who defy Jan. 6 subpoenas

President Biden speaks with reporters at Bradley International Airport in Windsor Locks, Connecticut. Photo: Brendan Smialowski/AFP via Getty Images

President Biden said Friday that the Justice Department should prosecute those who defy subpoenas from the Jan. 6 select committee.

Why it matters: The president's remarks come one day after Donald Trump ally Steve Bannon failed to show up for a deposition before the committee.