The CEO of energy giant BP, Bernard Looney, stated on Saturday that conventional energy, such as oil and gas, as well as renewables and energy transition, need to be invested in. Looney stated, “We must continue to invest to ensure that there is production,” on the sidelines of the B20 Summit India 2023. We must, however, simultaneously make investments in the energy transition.
He believed that in addition to expediting the energy transition, there was a need to invest in conventional energy sources. The BP CEO also mentioned that the company’s capital expenditures for the energy transition have gone up from 3% in 2019 to 30% presently. “As BP, in 2019 we invested 3% of our capital on our transition growth engines, but after three years that number was 30%. We anticipate that by the middle of the decade, it will be 40%, and by the end of the decade, it will be 50%.
According to him, the corporation will invest between $55 and $65, billion on the shift to clean energy in this decade. Looney also stated that BP is working with Reliance Industries to install EV charging infrastructure at its retail locations. Over 1,620 retail locations are currently part of the joint venture. That will be really important for India. not only for the net zero target of 2070 but also, and more significantly, for the energy independence goal of 2047,” he stated.
“I think it will be really essential for the country if we can convert the two-wheelers, three-wheelers, and eventually the passenger vehicles to electric. We’re therefore thrilled to invest in that. He added that the business is also making investments in compressed natural gas. Speaking at the B20 Summit hosted by CII, Looney predicted that oil and gas would be important energy sources for decades to come and that it would be crucial to maintain a balance between supply and demand worldwide.