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RIYADH: Rising gas prices could see consumers returning to coal, according to the head of Italian oil and gas company Eni.
Claudio Descalzi claimed the cause of the rise in gas prices globally is because of the scarcity of investment in the industry over the past seven years.
Speaking to Al Arabiya, he said that companies must divide investments between traditional businesses and the accompanying need to raise efficiency and capture carbon emissions, and also make sure they put money into transformation projects with a focus on circular economy, refineries and renewable energy.
Descalzi said that if gas prices were high, demand would decline, because it will be difficult to adapt to the rises.
He is optimistic that investments in gas would increase as it is capable of making the transition to renewable energy and biofuels.
Source: arabnews
