New Energy
BP Economist Warns Against Too Much Focus on Decarbonization
- Company has scaled back plan to reduce 2030 oil production
- BP: Oil investment needs may hit $400 billion a year by 2050
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BP Plc’s chief US economist Michael Cohen said the oil industry focused too much on cutting greenhouse gases last year, eroding its ability to keep pace with demand.
“2022 taught us that too much focus on the decarbonization agenda led to a mismatch between supply and demand,” said Cohen in a Monday interview in Mexico City.