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AND – not or – for an orderly transition

Release date:
14 March 2023
Speaking at CERAWeek, our CEO Bernard Looney explains why investment is needed in both the energy transition and today’s energy system
 
🕒1 min watch | 🎥 Video
Film courtesy of CERAWeek 2023.

The past three years have shown more clearly than ever that people want an energy system that works, Bernard said at a CERAWeek event in Houston hosted by S&P vice chairman Daniel Yergin.

 

“We see our role in life as helping to solve the energy trilemma, which is how do we provide the world with secure energy, affordable energy and cleaner energy?” 

 

It’s a complex challenge – to solve it, “we do that two ways,” he said. “By investing in today’s energy system, which is predominantly an oil and gas system… AND, not OR… at the same time, we are investing to accelerate the energy transition.” 

 

“We can’t take our eye off the current system, which is energy security and energy affordability today… so it’s an AND conversation, not an OR conversation.”

 

Bernard talked to how action is needed to accelerate the energy transition but, at the same time, it has to be orderly.  

Bernard outlined five points:

  • The energy transition needs to accelerate and be orderly – with affordable energy continuing to flow where it’s needed – otherwise there is a risk of losing popular support for the transition. 
  • bp’s strategy is designed to help on both counts – and we are in action. Capital invested in what we call our transition growth engines (bioenergy, convenience, EV charging, hydrogen and renewables & power) has increased from around 3% to around 30% over the past three years.
  • Our strategy is working and we are ‘leaning in’ further – increasing investment by up to $16 billion by 2030.
  • Up to $8 billion more investment will go to our transition growth engines, with a focus on quick near-term solutions that can help people and businesses decarbonize sooner – taking total investment to as much as $55-65 billion by 2030 in our lower carbon, convenience and power businesses. 
  •  Up to $8 billion more investment into energy security, with a focus on oil and gas options we can deliver quickly to support affordability and security now. 

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