NEW DELHI: Global oil major BP said the world must invest in the production of oil and gas to avoid sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions.
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.
“We need to do both. We need to invest in today’s energy system responsibly and, at the same time, we must invest in accelerating energy transition,” Looney told the B20 conference.
