Western governments have worsened a global oil and gas crunch by “doubling down” on climate policies that will make energy markets “more volatile, more unpredictable, more chaotic”, the head of US supermajor Chevron has warned.
Mike Wirth, Chevron’s chief executive, said a premature effort to transition from fossil fuels had resulted in “unintended consequences”, including energy supply insecurity from crisis-hit Europe to California.
Despite heavy global investment in renewables in the past 20 years, fossil fuels still met about 80 per cent of global demand, and governments had to hold an “honest conversation” about the scale of the energy challenge, Wirth said.
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