bp boss at IEWeek: “Price volatility could undermine support for energy transition”

Bernard Looney, Chief Executive of bp has hailed a “massive opportunity” coming from net zero

Financial pressures and market volatility could jeopardise public support and private investment in net zero.

Addressing delegates joining Energy Institute’s International Energy Week, Bernard Looney said: “Price spikes lead to economic volatility and there’s a risk that volatility will undermine popular support for the transition and outcome, which nobody wants.

“We avoid that outcome by investing in today’s energy system as well as investing in the transition and not, or we have a way to go, but there are a growing number of reasons, I think, for why we can and should be optimistic.”

A few days ago, ELN reported that bp’s profits more than doubled to $27.7 billion (£23bn) last year amid the energy crisis.

The energy giant revealed record annual profits, the highest in 114 years.

Mr Looney added: “Low carbon investment is now over a trillion dollars for the first time. Investment in clean energy is now the same as investment in hydrocarbons.

“For the first time ever, the rule of natural gas is becoming more accepted as part of the solution, conversations are increasingly taking account of the energy trilemma, of security and affordability, as well as of low carbon.

“And these are exactly the things that we need. For an orderly transition, hence the optimism and it adds up. We believe to a huge opportunity for everyone here, for our whole industry.”

However, an orderly transition does not mean slow transition, Bernard Looney explained.

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