BP expects to commit 40% of its capital to energy transition efforts by the middle of this decade and 50% by the end of the next.
Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia’s invasion of Ukraine, forcing countries to boost energy spending and shift to coal, BP CEO Bernard Looney said in New Delhi. Energy transition has to be orderly to maintain its pace as emission levels have risen since the Paris conference on climate change in 2015, despite global efforts, he said.
Looney said his company would invest 40% of its capital on energy transition projects by the middle of this decade and 50% by the end of the decade. “We will invest between US$55 and US$65 billion as BP this decade in energy transition growth engines,” he said.