World will use 100 million barrels of oil a day by 2040, says TotalEnergies CEO
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TotalEnergies SE Chief Executive Officer Patrick Pouyanne emphasized the importance of preparing for a warmer climate, noting that global oil consumption could still exceed 100 million barrels per day by 2040.
Pouyanne’s cautionary message holds significance, given that TotalEnergies, under his leadership, invests $5 billion annually in low-carbon fuels and renewables while remaining a significant player in the oil and gas industry.
Pouyanne underscored the urgency of transitioning to a clean global energy system that can cater to the needs of a burgeoning population. This transition, he emphasized, is not a distant goal but a pressing necessity that requires immediate attention.
Also read: Chevron arm launched $500 million for low-carbon technologies investment
The CEO said in an interview at TotalEnergies’ headquarters near Paris on Wednesday that “the responsibility for political leaders is to work seriously now on adaptation” to higher temperatures. “It doesn’t mean that you should give up” on the Paris climate targets, but policymakers must face reality, he said.
Patrick Pouyanne stated that European regulators are pushing financial institutions to accelerate their transition to net zero faster than society is currently moving.
This pressure has made European banks hesitant to finance fossil fuel projects due to concerns about aligning with sustainability regulations and potential climate litigation. Pouyanne noted that, as a result, US lenders are more willing to step in and finance these projects.
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