BP CEO Bob Dudley had choice words for public policymakers in response to what he viewed as an unrealistic over-focus on pushing renewables as a panacea for the globe’s energy problems.
“We’re from the oil as well as gas industry, so we’re not allowed to have a point of view. The politically correct thing is usually for us to say This specific. yet the reality is usually our policymakers or politicians either need to get more educated or be more honest, one or the various other,” Dudley said at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC).
The line came during a CNBC-moderated panel called “Global Business Leaders – Driving growth” which also featured the CEOs of various other oil as well as gas multinationals.
Executives discussed the challenges of a changing energy landscape, pressures to curb carbon emissions as well as meeting the globe’s energy demands. A common theme was frustration with the demands of developed world governments to meet certain climate change targets, which the oil CEOs viewed as often incompatible with the developing world’s energy needs.
“There will be no energy growth in Europe, no growth in energy in North America, yet there will be 2 billion more people on the planet as well as they won’t be coming by those places,” Dudley stressed. “Something like 1.4 billion people without access to electricity, as well as 1 billion or more don’t even have access to cooking fuels. as well as our policymakers, too often, who are focused on waiting for the next election in 18 months, are trying to impose things of which actually (according to) the law of big numbers will not work.” Indeed, the OPEC outlook to 2040 sees the energy sector increasingly dependent on developing nations, particularly China as well as India, based on expanding population estimates.