According to Bernard Looney, Chief Executive Officer of British Petroleum (BP), the company is collaborating with Reliance Industries Limited (RIL) to set up a charging infrastructure for electric vehicles in India. Looney told reporters on the sidelines of the B20 Summit India 2023 that India’s reliance on charging infrastructure would be essential for both the country to meet its goals of energy independence by 2047 and net zero emissions by 2070.
BP CEO on building EV charging infrastructure
“I think that’s going to be hugely important for the country if we can get two-wheelers and three-wheelers and eventually passenger vehicles converted to electric,” he continued. According to the CEO of BP, the corporation is also making investments in compressed natural gas (CNG) via venture capital in businesses like BluSmart.
According to Looney, the start of gas production by Reliance and BP from the MJ field now accounts for one-third of domestic gas production in India. He stated, “We are currently generating about one BCF (Billion cubic feet) of natural gas per day, which is almost 1/3rd of India’s domestic gas production today.
And I anticipate that in the years to come, we will do more in India. Probably one of our most fruitful collaborations is with Reliance, Looney continued. The energy shift must be swift and systematic, according to the head of the British oil and gas company. Looney clarified that by orderly, he meant that both investments—in the current energy system and in the transition to clean energy—were necessary.
“We see an illustration of what can happen if we don’t do it. We lost 3% of the world’s gas supply as a result of the war. As a result, petrol costs increased seven times—not by 7% or 70%, but by 700%. And since they must spend more of their spare income on energy, this has a clear impact on people. He remarked, “That is not good.
He continued by saying that last year, governments all around the world were forced to use less expensive energy sources, like coal. Looney said that BP currently devotes 30% of its money to the shift to clean energy, up from just 3% in 2019. He continued by saying that BP anticipates the percentage to increase to 40% by the middle of the decade and to 50% by the end of the decade.
