The world will continue to rely on fossil fuels for quite some time, so pretending companies can switch this to zero by 2050 is an illusion, according to Bruno Chabas, chief executive at Dutch floater specialist SBM Offshore.

Around 80% of the world’s primary energy source still comes from oil, natural gas and coal, and while that percentage is expected to drop with the growth of renewables, society will still depend on fossil fuels in the future, he said at the OTC Brazil 2023 conference in Rio de Janeiro, Brazil.