High gas prices may delay energy transition: TotalEnergies CEO
High fossil fuel prices may affect the transition towards renewable energy sources, the leader of one of Europe’s largest oil companies has warned.
If fuel prices continue to remain high, this “might jeopardize the development” of alternatives, said TotalEnergies SE CEO Patrick Pouyanne, according to Bloomberg.
“Some Asian countries about to switch from coal to gas might be discouraged by too high energy prices,” he added, while speaking at the World Petroleum Congress on Monday.
Pouyanne made the comments as Saudi Aramco CEO Amin Nasser warned that renewable energy supplies are not yet strong enough to compete with fossil fuels.
On Sunday, Aramco increased the cost of its crude for January in an indication that demand outlook will remain high, Bloomberg said.
On Tuesday, US crude oil rose $2 to hit $71.52.