The current spending of the countries of the Organization for Economic Cooperation and Development (OECD) on energy is not adequate, it is necessary to continue investing in oil and gas, BP CEO Bernard Looney said during the OPEC seminar, Ednews informs referring to Interfax.
He noted that “the events of recent years have reminded mankind that energy is the circulatory system of society, that it is necessary to build a cleaner energy system.”
Emissions have increased every year since the Paris Agreement, except during the pandemic years, Looney said.
But, in addition to building a clean energy system, it must be ‘safe and affordable,’ he stressed. “In 2019, only 3% of our investments were directed not to oil and gas, and now 30%. But we need to invest in the existing system as well, no matter how unpopular it may sound,” Looney emphasized.
Today, oil and gas hold 55% of the global energy balance, and if they are not invested in, there will be an imbalance in supply and demand, which will lead to higher prices, the head of BP noted.
“Last year, we lost 3% of global gas supplies and prices rose 10 times. Not only developing countries were affected, but developed countries too. OECD countries typically spend 10-12% of their GDP on energy, and last year they spent 20% of GDP. This is not a sustainable indicator,” he stressed.
According to Looney, it is necessary to continue investing in oil and gas, which will be a significant part of the global energy mix for many decades to come.
