Khalidi's comments come at a time when Russia's invasion of Ukraine has highlighted just how reliant some economies are on Russian oil and gas.
President Joe Biden said the U.S. and EU would also "work together to take concrete measures to reduce dependence on natural gas — period — and to maximize … the availability and use of renewable energy."Given that fossil fuels play such a major role in modern life, any transition to an energy system and economy centered around renewables and low-carbon technologies will require a vast amount of money.
Around half of this capital would need to be focused on renewables and technologies that were already at a commercial scale, Mangone explained. "We have always come out and said [the] oil and gas industry is critical to the transition," Shpitsberg, who was speaking during a panel moderated by CNBC's Hadley Gamble, said.
If these "critical stakeholders" were not engaged, Shpitsberg argued that goals relating to methane reduction and efficiency would not be reached.
Giving Away jobs to other countries to buy energy elsewhere solves nothing
One wonders if the transition will ever happen.