Energy

Oil and gas bigger firms hit back at climate critic, preserving their positions in the energy transition

Oil and gas bigger firms hit back at climate critic, preserving their positions in the energy transition

Summary:

  • After the COP26 climate summit focused attention on the industry’s future, the CEOs of some of the world’s biggest energy businesses defended their position in the energy mix
  • The CEOs of BP, Lukoil, Occidental, and Eni spoke on a panel at the ADIPEC energy summit, insisting on diversifying their energy portfolios and lowering carbon emissions
  • “There’s a reason it’s called an energy shift. There isn’t a light switch anywhere. Bernard Looney of BP remarked, “It doesn’t happen overnight”

Focus on Industry’s Future

After the COP26 climate summit focused attention on the industry’s future, the CEOs of some of the world’s biggest energy businesses defended their position in the energy mix.

At COP26 in Glasgow, energy industry insiders and leaders were in abundance. At the COP26 climate meeting, government officials, corporations, and activists argued over emission-reduction targets, commitments, and treaties to keep global temperature rises to a minimum.

“And we have the right to stay here as long as we can deal with the emissions and help those who use the products deal with the emissions as well.” We have the right to give the same standard of living as oil and gas have supplied for today’s wealthy nations. We also need to provide poor countries the same opportunity to increase their riches by developing their natural resources,” she continued.

Indigestible Truth

Climate activists have been targeting big oil companies for a long time. As a result, for CEOs like Bernard Looney of BP, marketing the company’s involvement in the shift to greener energy has been a top priority.

Looney, like other industry experts, has acknowledged that oil and gas will continue to play a role in the energy mix for many years to come.

BP, according to Looney, is participating in the energy transition because it believes it is the right thing to do for society and the planet. Trillions of dollars will be spent rewiring and re-plumbing the Earth’s energy infrastructure because there is a huge value opportunity for our organization.

Securing Market Positions

During the move to greener energy, the world’s top energy companies are keen to maintain their market positions. “Currently, energy businesses are leaders in the energy transformation,” said Lukoil President and CEO Vagit Alekperov, who was also on the panel.

They’re the ones who, among other things, built capital-intensive, energy-intensive, and low-profit alternative energy projects, according to him. So we expect that the energy businesses’ leadership will not only be maintained but also strengthened soon, he added. Alekperov also stated that energy corporations are well aware of the need to explore alternative energy sources.

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