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BP is expanding alternate fuel options in India, CEO Bernard Looney said. Speaking on the sidelines of the B20 Summit, he said BP and partner Reliance Industries have expanded charging stations for EVs to 3,000 now, from 750 in January. “That’s going to be so critical for India… not just for the net zero goal by 2070, but, importantly, the energy independence goal by 2047. If we can get two-wheelers, three-wheelers and passenger vehicles converted to electric, it will be hugely important for the country,” he said.
“And, we are very excited to be investing in that,” he added.In addition, he said the company is investing in compressed natural gas, and “we have venture investments in companies like BluSmart amongst others”.There is a need to invest in both today’s energy systems as well as in accelerating the energy transition, he said.According to Looney, today’s energy system consists about 55% of oil and gas. “As BP, we spent 3% of our capital on our transition growth engines in 2019. Just three years later, that number had risen to 30%. That number, we hope, will rise to 40% by the middle of the decade and 50% by the end of the decade.” Looney pointed out that BP will spend between $55 billion and $65 billion this decade for energy transition.
He also echoed India’s views on orderly energy transition, saying the shift from fossil-based system of energy to renewable sources has to be done in a manner so as to avoid price shocks like the ones witnessed last year. Looney said oil and gas will continue to be a source of energy for the world for “many, many decades to come” and companies and countries around the world have to continue investing in existing fossil fuels and in transition projects at the same time. “Replacing it won’t happen overnight and so there is a need to continue investing in today’s energy system so as to meet demands of growing economies and not cause any shortage,” he said. “We need to make sure we continue to match supply with demand,” he said.
