(Bloomberg) -- BP Plc Chief Executive Officer Bernard Looney kicked off the second day of International Petroleum Week, saying it’ll take time before investors are convinced by the company’s strategies for the energy transition.

BP has announced plans to cut its oil and gas output by 40%, raise low-carbon spending to $5 billion a year and produce 50 gigawatts of renewable energy by the end of the decade. It has labored over the past year to persuade analysts and investors that it can generate high returns while eliminating its emissions.

IP Week, the oil industry’s flagship event in London, usually brings together scores of company executives and hundreds of traders for a week of lavish parties, dealmaking and market chatter, but this year it’s being held online.

At the 2020 event, discussions centered on China’s response to the coronavirus amid concern the disease was rapidly going global, causing oil prices to slump. This week’s gathering takes place as crude surges back to $65 a barrel following massive cuts to supplies and a strengthening outlook for demand.

IP Week, run by the Energy Institute, runs through Thursday. All time stamps are GMT.

Investors Not Yet Rewarding Climate Strategies (9 a.m.)

European oil majors with climate strategies are not yet being rewarded with premiums from investors, BP Chief Executive Officer Bernard Looney said.

Alongside European peers such as Royal Dutch Shell Plc and Total SE, BP announced last year that it would slash emissions and expand its low-carbon business over the next three decades. But its share price plummeted as the coronavirus pandemic pushed oil prices to record lows.

“We’ve outlined the ambition, we’ve redone our planning prices, we’ve done all the theoretical work,” Looney said. “I’m fully confident that over time that will be acknowledged. But I understand that investors have questions whether we can do it or not.”

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