2023-08-26 12:07:00
The British oil giant will invest 40% of its capital in energy transition projects
New Delhi – Archyde.com
Posted on: August 26, 2023: 04:07 PM GST Last updated: August 26, 2023: 04:47 PM GST
The major international oil company “BP” said that the countries of the world should invest in the production of oil and gas to avoid sharp rises in their prices, while accelerating the transition in the field of energy to counter emissions of greenhouse gases.
The company’s CEO, Bernard Looney, said in New Delhi that global gas prices rose seven-fold last year as 3 percent of global gas supplies were affected in the wake of Russia’s invasion of Ukraine, forcing countries to increase energy spending and shift to coal.
“We need both,” Looney told the B20 conference. “We must invest responsibly in today’s energy system while also investing in accelerating the energy transition.”
Looney said that BP will invest 40% of its capital in energy transition projects by the middle of this decade and 50% by the end of the decade.
“We will invest between $55 and $65 billion this decade to drive the growth of the energy transition,” he added.
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