Despite a growing need for renewable energy to fight climate change, oil and gas will continue to be fundamental for “world economic growth and human prosperity” for decades to come, according to John Hess, CEO of Hess Corp.

“The energy transition will take time, cost a lot of money and major technological breakthroughs will be required,” Hess told analysts during the Barclays CEO Energy-Power Conference on Sept. 9.

Referring to the International Energy Agency’s (IEA) 2020 world energy outlook that provided an aggressive sustainable development scenario, Hess noted oil and gas would still make 40% of the energy mix in 2040 even if all the pledges of the Paris Agreement were met. Further, oil and gas would still be 29% of the energy mix in 2040, according to the IEA’s newest net-zero scenario.

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