The world’s energy companies are becoming more pragmatic in their approach to reaching net-zero emissions and Baker Hughes Co.’s customers plan to boost their natural gas exposure in the coming years, CEO Lorenzo Simonelli said. 

It is “becoming clearer just how complex the undertaking is for the transition of the world’s energy ecosystem,” Simonelli said during the first quarter conference call. The “slower-than-expected expansion of renewable energy capacity” has led to “record levels of coal demand. Consequently, we are seeing more pragmatism toward a pathway to decarbonization…

“There is mounting consensus that there is no possible route to decarbonize the energy system without driving greater efficiency and significantly increasing gas weighting within the...