Funding growth for energy transition ‘not a problem’ for BP, says CEO

Funding growth for energy transition ‘not a problem’ for BP, says CEO

BP (LON: BP) chief executive Bernard Looney said today that the company will have no problem in funding the growth needed to fuel the transition.

Speaking following the release of the oil and gas giant’s third quarter results, Mr Looney underlined the importance of becoming an “integrated energy company”.

He says that BP’s existing operations will provide the financial base for it to invest in low carbon technologies, like offshore wind and hydrogen.

As such, BP isn’t hearing calls from investors to “break up” the business into low carbon and hydrocarbon segments.

Mr Looney said: “We believe deeply in the premise of being an integrated energy company being the way to help the world transition and to create value from doing so.

“BP needs cash flow to invest into the transition and our existing businesses generate enormous cash flow.

“When I look at some renewables companies out there, some of them struggle to fund their growth. That’s not a problem an integrated energy company will have, and it’s not a problem that we have.”

He also said that as the UK gets into the nuts and bolts of the energy transition, the importance of an integrated energy company like BP becomes “clear and clearer”.

The former head of