Continued investment rather than divestment will help meet the dual energy challenge, said BP CEO Bob Dudley when he addressed the Oil & Money Conference in London yesterday.




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Arguing against divestment in his keynote speech, Dudley said the energy industry is facing a fork in the road.

“We could go the way of people who want to drive a wedge between the energy industry and investors. They push for potentially confusing disclosures, raise the spectre of a systemic risk to the financial system from stranded assets and campaign for divestment ? all in an effort to squeeze oil and gas out of the fuel mix.

“They are driven by good intentions, but my concern is that their suggested recommendations could lead to bad outcomes, particularly for some of the most vulnerable people in the world,” he said.

“Or, we could take a different, more innovative and collaborative path; one that recognizes that many fuels must play a part in meeting the dual challenge ? albeit, made much cleaner, better and kinder to the planet.”

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