The energy sector is in the midst of historic transformation, including rapid technological progress and declining clean energy costs, growing urgency to address climate change – with the impacts of climate change increasingly evident, rising headwinds for the oil and gas sector, the short- and long-term impacts of the Covid-19 pandemic, and growing ambition to address climate change with more countries, financial institutions, and corporations announcing long-term net zero emissions targets. That even includes some oil and gas companies, and among those announcing the most ambitious long term goals has been BP.
In this edition of Columbia Energy Exchange, host Jason Bordoff is joined by Spencer Dale, BP’s group chief economist, to discuss the outlook for the energy sector, the impact of the pandemic on it, BP’s corporate strategy shift, and more. Spencer is responsible for the annual BP Energy Outlook, which tries to make sense of where the energy sector is in the midst of the pandemic, and where it might be headed in different scenarios.
Prior to this role, Spencer served as executive director for financial stability at the Bank of England and was a member of its Financial Policy Committee. Between 2008 and 2014, Spencer was chief economist of the Bank of England and a member of the Monetary Policy Committee.
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As the world races to transition to cleaner energy sources, there exists a substantial gap between the financing required for this transition and the actual investments being made.