New Energy Report Reveals Gas And Oil To Still Play Major Role In Decades To Come

( Just as the COP26 conference in Glasgow, Scotland came to an end, chief executive of oil firm British Petroleum Bernard Looney has said that both oil and gas will play a large role in global energy systems for several more decades.

The COP26 United Nations summit saw world leaders commit to achieving net-zero carbon emissions in the coming decades and a premature switch to “green” energy sources – but British multinational oil company BP has said that they will continue to provide oil and gas for several more decades and will only become a net-zero firm by 2050 or sooner.

Speaking to CNBC during the ADIPEC energy forum in Abu Dhabi, Looney said that it “may not be popular” to admit it but “oil and gas is going to be in the energy system for decades to come.”

He said that he would like to see the energy industry “focus on the objective.”

“And I wish we had less ideological positions and more focus on the objection, which in this case is to drive emissions down,” he said.

Politicians could learn from Looney. The oil industry is not ignoring the fact that the world can’t rely on fossil fuels forever, and is offering a phased-out approach for achieving net-zero. Meanwhile, politicians are promising the world, increasing taxes, and threatening to hike prices for everyday Americans to achieve premature goals.

Looney said that replacing coal with natural gas is a “good thing” as it will reduce carbon emissions – and then, over time, he said that the natural gas can also be decarbonized.

And while the company puts in measures to become net-zero over the coming decades, BP is likely to benefit from the constantly rising prices of oil.