LONDON/DUBAI - Saudi Aramco's biggest asset could be a liability, the New York Times is arguing.

The paper writes:

"The state energy giant's vast oil reserves – it can sustain current production levels for the next 50 years – make it more exposed than any other company to a rising tide of environmental activism and shift away from fossil fuels.

In the three years since Saudi Crown Prince Mohammed Bin Salman first proposed a stock market listing, climate change and new green technologies are putting some investors, particularly in Europe and the United States, off the oil and gas sector.

Sustainable investments account for more than a quarter of all assets under management globally, by some estimates.

Aramco, for its part, argues oil and gas will remain at the heart of the energy mix for decades, saying renewables and nuclear cannot meet rising global demand, and that its crude production has lower greenhouse gas emissions than its rivals."