The chairman of BP, Bob Dudley, told a press briefing at his company’s annual general meeting on Wednesday that using gas-fired power would ensure the world meets the decarbonisation targets set out in the Paris Agreement.
Bob Dudley, BP chief, told the AGM, “If you closed all coal-fired power plants tomorrow and replaced them with gas you would reach 2C warming scenario.”
Mr Dudley also cast doubt on the potential of carbon capture and storage to be a viable solution in helping to reduce carbon emissions.
He said CCS would need “a carbon price well north of $100” and BP “couldn’t get even close to making it economic.”
Asked for a reaction to Mr Dudley’s comments by Power Engineering International, the Carbon Capture and Storage Association (CCSA) said, “CCSA’s analysis shows that CCS can be economic with other low-carbon technologies.”
“This was also the conclusion of the Parliamentary Advisory Group on CCS report on the future of CCS in the UK which concluded that “CCS is an essential component in delivering lowest cost decarbonisation across the whole UK economy”.”
Mr Dudley went on to speak about an area for growth BP had identified – its renewables division. “We already have a head start with a 20-year track record in renewables,” he said. “We have about 6,000 employees in these businesses.”
Dudley added that BP needed to adapt to a changing market by “taking opportunities at the right time and helping to drive the move to a lower carbon world.”
Meanwhile, Bloomberg reports that the head of Glencore pointed to the accelerated development of electric vehicles while attending an event in Barcelona midweek. The transition to this form of transport is another committment set out in the Paris deal
Glencore Plc Chief Executive Officer Ivan Glasenberg said “The electric vehicle revolution is happening and its impact is likely to be felt faster than expected,” adding that all carmakers are increasing investment in electric vehicles as governments adopt tighter emissions targets.
He also mentioned that the rise of electric cars will significantly boost demand for minerals including copper and lithium in the coming decades.
European sales of alternative-fuel models, which include fully electric cars and hybrid vehicles, jumped 36 percent in the first quarter to 235,438 vehicles, according to the European Automobile Manufacturers’ Association.
Volkswagen AG will triple spending on developing alternatives to combustion engines to 9 billion euros ($9.8bn) over the next five years. Daimler AG’s bill for the transformation stands at 10 billion euros.