Trade tensions risk throwing the global economy’s transition to greener energy into disarray and could hurt energy companies’ preparations toward it, according to BP’s chairman, Helge Lund, reported Reuters.
Lund, in his first interview since taking office in January, said BP would rather see a rapid, orderly phasing out of fossil fuels than a delayed and disorganized transition.
"It is better for us to see a path that goes rapidly,” Lund said. “It will be very difficult for the oil and gas companies, but that is a better and a preferred solution than an uncontrolled sudden change maybe 10, 15 years into the future.”
London-based BP, like some of its peers, has taken steps toward meeting the 2015 Paris Climate Agreement to limit global warming, including setting targets to reduce carbon emissions from its operations, link them to managers’ pay and ensure that investments are in line with the accords.
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