BP CEO Bob Dudley had choice words for general public policymakers in response from what he seen as an unrealistic over-focus on pushing renewables as a panacea for the world’s energy problems.
“We’re in the oil and gas industry, so we’re not allowed to have a point of view. The politically right thing is for us to claim this. But the the truth is 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 Meeting (ADIPEC).
The line came throughout a CNBC-moderated panel called “Global Business Leaders – Driving growth” which also featured the CEOs of various other oil and gas multinationals.
Executives discussed the challenges of a changing energy landscape, pressures to curb carbon emissions and getting together with the world’s energy requirements. A common theme was frustration with the requirements of developed world governments to meet certain climate change targets, which the oil CEOs seen as frequently incompatible with the developing world’s energy needs.
“You will see no energy growth found in Europe, no growth found in energy in THE UNITED STATES, but you will have 2 billion more people on the planet and they won’t be via those locations,” Dudley stressed. “Something similar to 1.4 billion people without access to electricity, and 1 billion or more don’t even have access to preparing food fuels. And our policymakers, too often, who happen to be centered on waiting for the next election in 1 . 5 years, want to impose things that truly (according to) the law of big numbers won’t work.” Certainly, the OPEC outlook to 2040 sees the energy sector increasingly dependent on developing nations, especially China and India, based on expanding population estimates.