Head of TotalEnergies: energy transition will eliminate oil and gas dependence, but will increase the consumption of other resources
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The head of the French oil and gas company TotalEnergies Patrick Pouyanne said that the transition to the use of decarbonized energy sources will allow moving away from dependence on oil and gas to dependence on rare earth and other metals. He stated this during the presentation of the company’s forecast until 2050.
Mr. Pouyanne drew attention to the fact that with the irrational use of natural resources, humanity may face a shortage of them. “We may face a shortage of copper to build all the planned wind farms in the world. To be frank, the world will move away from dependence on oil and gas, towards dependence on other materials,” he said (quoted from “Interfax”).
According to the head of TotalEnergies, investments in the construction of distribution networks are needed to implement the energy transition. He believes that the current gas and electricity crisis in European markets has shown that there are not enough interconnectors in Europe.
“We are making a mistake today, believing that for decarbonization it is necessary to increase investment in other types of energy, stopping investment in hydrocarbons,” Mr. Pouyanne said. He added that in this way the supply is reduced, but the demand for hydrocarbons does not fall.
Helly Christoffersen, head of the company’s strategy division, in turn noted that the implementation of the energy transition will require significant investments in infrastructure, despite the fact that costs are growing. According to her, 2-3% of GDP will be spent on the energy transition. She also added that decarbonized steel, aluminum, cement will be more expensive than conventional ones.
At the end of June, UN Secretary General António Guterres spoke against increased investment in fossil fuels. Due to rising energy prices, many countries are “investing billions more in coal, oil and gas,” he said, which is contributing to the deepening of the “climate catastrophe.”
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