- British oil and gas company BP announced on Wednesday that it would cut its total emissions to zero by 2050 and shift investments in renewable energies.
- Bloomberg TV presenter Alix Steel asked BP boss Bernard Looney why he doesn't leave clean energy to companies like Tesla that "can think outside the box" and "don't move a 110 year old company".
- "Why aren't you Elon Musk?" She asked.
- "I'm fighting enough with who I am," Looney replied.
- Further information can be found on the Business Insider homepage,
One of the largest oil and gas companies in the world announced on Wednesday The goal is to reduce total fossil fuel emissions to zero by 2050 and to shift investments from conventional to renewable. The name of Tesla CEO Elon Musk came up quickly.
"We are aiming for an absolute reduction in net emissions of around 415 million tonnes – 55 million from our operations, 360 million from carbon in our upstream production," said Bernard Looney, CEO of 110-year-old British energy giant BP this month in a presentation.
"It is not far from the total emissions of the United Kingdom, the sixth largest economy in the world and the second largest economy, to set a net zero target," he continued.
Bloomberg TV presenter Alix Steel asked Looney how BP could revise its business without losing investors.
"They have returns on oil and gas investments that can be plus 25%," she said. "You expect 8% to 10% for investments in renewable energy. You need the cash flow from oil and gas to finance the transition."
"Why shouldn't that be left to Google, Amazon and Tesla?" She asked. Players outside of oil and gas can do "all the cool new energy things" and "at least in Tesla's case, they have the ability to think outside the box in a certain way," she continued. They are not "moving a company that's 110 years old," she added.
"Why aren't you Elon Musk?" Stahl asked.
"I'm fighting enough with who I am," Looney replied. He forwarded the question to Nick Boyle, the CEO of Lightsource Renewable Energy, a solar energy specialist in which BP bought a 50% stake two years ago.
"He's Elon Musk," Looney joked.
"Thanks, Bernard," said Boyle. "No pressure."
Oil and gas companies should lead the clean energy revolution, as they specialize in performing large engineering projects in remote locations, knowing the energy markets, and having the tradability and financial resources to drive renewable energy initiatives said Boyle.
Fossil giants like BP have "driven the world over the past 100 years" and "are in the perfect position to drive the world over the next 100 years," he added.
(tagsToTranslate) Invest (t) Finance (t) Technology (t) Renewable Energy (t) Elon Musk (t) Tesla (t) BP