BP CEO Says More Oil and Gas Investment Is Good for the Climate Fight
- Lack of investment may make shift to renewables harder: BP CEO
- Climate protesters descend on energy conference in London
Bernard Looney speaks during International Energy Week in London, UK, on Feb. 28.
Photographer: Justin Tallis/AFP/Getty Images
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As the sound of climate protesters reverberated through the conference room, BP Plc Chief Executive Officer Bernard Looney made the case that investment in more oil and gas is crucial for the transition away from those very fuels.
“Reducing supply without also reducing demand inevitably leads to price spikes, price spikes lead to economic volatility, and there’s a risk that volatility will undermine popular support for the transition,” he said at London’s International Energy Week. “We avoid that outcome by investing in today’s energy system, as well as investing in the transition.”