![]() ![]() The newswire says that while BloombergNEF data shows low-carbon investment matched fossil-fuel investment last year for the first time, the world is still “far behind a trajectory of emissions cuts that would enable it to reach the goals set out in the 2015 Paris climate agreement”. Bloomberg notes that attendees at the conference were met by protesters against the fossil fuel industry calling for Looney to be sent to the International Criminal Court. The Daily Telegraph quotes Looney saying “as the events of last year demonstrated, the sudden loss of even a small part of the world’s oil and gas can have severe economic and social costs”. It notes that the comments “are likely to be seen as a further attempt to justify BP’s decision to weaken its climate targets in favour of pumping more oil and gas”, after Looney “abandoned his much-vaunted plan last month to cut output by 40% by 2030” in favour of a 25% cut. The newspaper says Bernard Looney told the International Energy Week conference in London that fossil fuel supply shortages would cause price jumps and the resulting economic volatility could then undermine support for the broader energy transition. Failing to provide enough investment in oil and gas could undermine the shift to low-carbon energy, the boss of oil giant BP has stated, according to the Times.
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