During International Energy Week in London, CEO Bernard Looney confirmed the energy giant’s ambitions to invest in fossil fuels, called for a smooth energy transition, and said that additional oil and gas investment is required to meet net-zero targets.
The energy trilemma, as it’s known to bystanders, is that an energy system is effective when it offers energy that is inexpensive, secure, and low-carbon. We need to make investments in the oil and gas-dominated energy system of today to find a solution.
An entrance to the opulent hotel where the conference was held was blocked by protesters from the climate change organization Fossil Free London, who was yelling, “The climate crisis is a plague, Bernard Looney to the Hague.” They were also holding banners and lighted fireworks.
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BP announced a record net profit earlier this month of $27.7 billion, more than doubling its 2021 total due to a rise in oil and gas prices following Russia’s invasion of Ukraine.
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