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Business Daily: Why BP is betting against oil

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23/10/2020 GMT

Why BP is betting against oil

BBC World Service - Business Daily, Why BP is betting against oil

BP's chief economist warns against complacency about the speed of the energy transition

BP's chief economist Spencer Dale warns the fossil fuel industry against complacency about the speed of the coming transition to renewable energy.

Is the fossil fuel industry being too complacent about the speed at which renewable energy will disrupt their business in the next three decades?

That's the contention of Spencer Dale, chief economist at BP. In an extended interview with Justin Rowlatt, he explains the thinking behind his company's plan to cut its own oil and gas production by 40% before the end of this decade.

And it's not just about heading off the threat of catastrophic climate change. As Spencer explains, even in their business-as-usual scenario they expected an unprecedentedly fast shift towards solar, wind and biomass energy, thanks to steep learning curves and stiffening competition.

Producer: Laurence Knight

(Picture: BP logo at night; Credit: NurPhoto/Getty Images)

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