British oil giant predicts shift to clean energy

Posted By TheNewsCommenter: From Rt.com: “British oil giant predicts shift to clean energy”. Below is an excerpt from the article.

The conflict in Ukraine is expected to strongly affect the world’s long-term energy demands, propelling a transition to renewables and low-carbon energy sources as countries seek to secure energy supplies, British oil major BP said in its 2023 Energy Outlook, published on Monday.

The report includes three potential scenarios, largely assuming that the mix of energy supplies will start to change from 2030, with both oil and gas demand dropping as countries turn to renewables and transport electrifies.

“The increased focus on energy security as a result of the Russia-Ukraine war has the potential to accelerate the energy transition as countries seek to increase access to domestically produced energy, much of which is likely to come from renewables and other non-fossil fuels,” BP Chief Economist Spencer Dale stated in the report.

Two of the three scenarios assume that global oil demand will drop to 70-80 million barrels per day (bpd) by 2035, as compared to current consumption of around 100 million bpd, and further to 20-40 million bpd by 2050.

The situation with natural gas demand is less certain, according to the report, with two of the scenarios assuming that by 2050, it will be between 40%-55% lower than 2019 levels. The third scenario sees the use of natural gas growing, driven by demand in emerging Asia and Africa.

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