From geopolitical tensions, surging gas prices and energy shortages, how are major companies

dealing with the energy transition?

It's really a trilimmer in terms of how do we deliver cleaner, reliable, and affordable energy.

Now that requires trillions of investments in terms of getting there because it's a fundamental

rewiring of the entire energy system.

I'm Allison Nathan and this is exchanges at Goldman Sachs. To help us break down the energy shift and big oils push into a more sustainable future,

Julia Kirkia, Executive Vice President of Strategy, Sustainability, and

Ventures at BP, and Michaela Delavinia, head of Natural Resources Research in

Eemia for Goldman Sachs's research, join us now.

Michaela, Julia, welcome to the program.

Thank you.

Thank you, I listen.

So, Michaeli, let's start with you.

Russia's invasion of Ukraine is obviously forcing countries to make some really tough choices

about how to fuel their economies. So how have these developments changed the

landscape for energy investments over the last few months.

I think it's a complete turning point after seven years of structural underinvestment.

Let me put a couple of numbers to it.

If we take all of the investments in primary energy,

so not just oil and gas, but also solar, wind, nuclear, bioenergy, we sum it all up. We used to spend about one and a half trillion dollars per

annual up until 2014. And since then that investment has started to decline reaching a trough of only $1 trillion in the last couple of years.

We believe that investments need to rise again at least to and a half trillion dollars,

...