CEO Bernard Looney reaffirmed the energy giant’s fossil fuel spending plans during International Energy Week in London, calling for an “orderly” energy transition and made the case that more oil and gas investment is needed to achieve net zero goals. “An energy system that works is one that provides energy that is secure and affordable as well as lower carbon — what’s known as the energy trilemma,” Looney told onlookers. “To solve it…we need to invest in today’s energy system, which is predominantly an oil and gas system.”
Meanwhile, protestors from climate action group Fossil Free London lit flares and held banners blocking the entrance to the luxury hotel where the conference took place, chanting “Climate crisis is a plague, Bernard Looney to the Hague.”
Earlier this month, BP reported a record net profit of $27.7 billion in 2022, more than double its 2021 total as the price of oil and gas spiked following Russia’s invasion of Ukraine.
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