Oil giants respond to climate critics and say they are leaders in the energy transition

In the COP26held in Glasgow, energy industry leaders and connoisseurs abounded as government officials, businesses and activists clashed over emission reduction targets, promises and agreements to keep global temperature rise to a minimum at the summit of the climate COP26.

At a panel at the ADIPEC energy forum in Abu Dhabi, presented by CNBC’s Hadley Gamble, the CEOs of BP, Lukoil, Occidental Petroleum and Eni They insisted that they were diversifying their energy supply and reducing carbon emissions, while maintaining the hydrocarbon supply on which they are still highly dependent.

“We have to have the opportunity to explain what we are doing and argue that it is not about fossil fuels. It is about emissions.”Vicki Hollub, president and CEO of US energy company Occidental, said Monday.

“And as long as we can tackle emissions and help others who use the products cope with emissions too, we have the right to be here. We have the right to provide the quality of life that the Petroleum and gas have provided … today’s rich countries, and we must allow developing countries the same right to enrich themselves through the development of their natural resources. “he added.

For an energy company to survive in the future, it had a social responsibility to reduce and cancel its emissions, as well as helping its customers to do so as well.

Hollub added that Occidental was “committed to doing the right thing”, So what “to be an energy or Petroleum and gas that will survive in the future “ the company had a social responsibility to reduce and cancel its emissions, as well as to help customers to do so as well.

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Following the conclusion of the COP26 summit over the weekend, almost 200 countries signed commitments (with different deadlines) to reduce methane emissions, end deforestation, curb the use of fossil fuels and their subsidies, offer more financing to countries poorer and “reduce” the use of coal.

The summit was seen as humanity’s last and best chance to keep alive the goal of limiting global temperature rise to 1.5 degrees Celsius above pre-industrial levels; many say the summit failed.

Awkward truths

Big oil companies have long been in the firing line of climate activists, so for CEOs like BP’s Bernard Looney, promoting the company’s role in the industry’s transition to greener energy has been become an important part of your job.

It’s called an energy transition for a reason. There is no light switch. It doesn’t happen overnight, BP’s Bernard Looney said.

However, there are doubts about this green transition, as the world’s dependence on fossil fuels is likely to worsen in the coming decades.

The US Energy Information Administration has said it expects global carbon dioxide emissions from energy-related sources to continue to rise in the coming decades.

Like other industry leaders, Looney has admitted that the Petroleum and gas will play a role in the energy mix in the coming years. Speaking to CNBC’s Hadley Gamble at the ADIPEC panel on Monday, Looney said the energy transition will take time.

“We have to be very, very clear about what our goal is when we start any dialogue in this area. And our goal in this conversation is to reduce emissions.”

Now that for some people is unacceptable because it means that hydrocarbons are part of that mix. This is simply a system that has been in place for many decades.

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Looney said BP was playing its part in the energy transition because, in the first place, I thought it was “the right thing for society and the right thing for the world and because “There is a tremendous value opportunity for our company, trillions of dollars are going to be spent rewiring and rewiring the Earth’s energy system.”

“It’s going to be natural gas, it’s going to be solar, it’s going to be wind, it’s going to be hydrogen, it’s going to be nuclear. What a company like ours can do is unite two different forms of energy to give customers what they want “, added.

Customer dilemmas

The Secretary General of the International Energy Forum, Joseph McMonigle, told CNBC on Tuesday that customers face the dilemma of having to depend on energy sources such as Petroleum and gas, while trying to reduce their consumption.

“The interesting thing about this recent COP meeting was that it came against the backdrop of an energy crisis that we have been talking about since the beginning of the summer and I think that injected a lot of reality on both sides of this – the Petroleum and gas, the energy sector and those who focus exclusively on the climate issue – and I think what we have come to understand is that we have to walk and chew the carbon at the same time, “ he told CNBC’s Capital Connection in Abu Dhabi.

The energy transition and climate issues need to be addressed, and at the same time we need more investment in Petroleum and gas to boost the world economy.

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Market leaders

The world’s largest energy companies are ready to maintain their market position amid the transition to greener energy. The President and CEO of Lukoil, Vagit Alekperov, who also spoke on the panel, noted that “Currently, energy companies are leaders in the energy transition.”

Alekperov assured that they are the ones that have launched, among other things, capital- and energy-intensive projects with low profitability associated with alternative energies. So we hope that this leadership of energy companies will not only be maintained, but will be strengthened in the short and medium term.

The Lukoil CEO added that energy companies fully understand that they have to develop alternative energy sources.

“Our mission today is to make sure that the market gets the full volume of energy. What types of energy and fuels is a different matter, but we must not allow energy poverty”, said.

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