HOUSTON (Reuters) – The chief economist of oil major Equinor on Wednesday said Europe could reduce carbon dioxide emissions by 70% by 2050, but said oil and gas investments must continue in ordre to keep pace with growth in demand.
The CO2 cuts mainly will be due to the region’s growth in electrification, Equinor Chief Economist Eirik Waerness said in remarks at Rice University’s Baker Institute Center for Energy Studies.
Oil demand will peak by 2029 but gross domestic product expansion will require increases in oil supplies for the next three to five years, he said.
(Reporting by Curtis Williams)
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