BP’s Latest Energy Outlook Examines Three Key Scenarios for Decarbonisation

BP’s Latest Energy Outlook Examines Three Key Scenarios for Decarbonisation

(IN BRIEF) bp Energy Outlook has published its latest report exploring trends and uncertainties in the energy transition from now until 2050. The report updates its three main scenarios, Net Zero, Accelerated, and New Momentum, taking into account recent developments such as the Russia-Ukraine war and the passing of the Inflation Reduction Act in the US. These scenarios aim to provide a range of possible outcomes for the global energy system in the next 30 years, helping bp to strategize for resilience in the energy transition. Key themes in the report include the urgent need for decisive action to reduce GHG emissions, increasing government support, the impact of energy shortages, declining oil demand, and the role of renewable energy and low-carbon technologies.

(PRESS RELEASE) LONDON, 30-Jan-2023 — /EuropaWire/ — bp (LON: BP), a British multinational oil and gas company, releases updated Energy Outlook with key insights on energy transition through 2050. The report explores three main scenarios: Net Zero, Accelerated, and New Momentum, and how they may impact the global energy system in the next 30 years. The scenarios consider recent developments such as the Russia-Ukraine war and the passing of the Inflation Reduction Act in the US.

The Outlook finds that government support for the energy transition has increased, however, greater support is needed, including policies to accelerate permitting and approval of low-carbon energy and infrastructure. The disruption to global energy supplies and energy shortages brought about by the Russia-Ukraine war emphasize the importance of addressing the energy trilemma: secure, affordable, and lower carbon energy.

bp’s chief economist, Spencer Dale, said: “Global energy polices and discussions in recent years have been focused on the importance of decarbonising the energy system and the transition to net zero.  The events of the past year have served as a reminder to us all that the transition also needs to take account of the security and affordability of energy. Any successful and enduring energy transition needs to address all three elements of the so-called energy trilemma: secure, affordable and lower carbon.”

“The events of the past year have highlighted the complexity and interconnectedness of the global energy system. 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. But the events also show how relatively small disruptions to energy supplies can lead to severe economic and social costs, highlighting the importance that the transition away from hydrocarbons is orderly, such that the demand for hydrocarbons falls in line with available supplies.”

The report also highlights the running out carbon budget and the need for decisive action to reduce GHG emissions. The transition to a low-carbon world will require a range of energy sources, including renewables, low-carbon hydrogen, modern bioenergy, and carbon capture, use, and storage. The dominance of wind and solar power will lead the global power system’s decarbonization.

The report concludes that a combination of techniques for carbon dioxide removal and a rapid transition to low-carbon energy sources will be critical for the world to achieve deep and rapid decarbonization.

BP’s Energy Outlook offers valuable insights into the challenges and opportunities in the energy sector, helping the company to shape its strategy and stay ahead of the changing energy landscape.

The full 2023 Energy Outlook can be seen at: bp.com/energyoutlook

The Outlook will be launched by Spencer Dale at 1400 UK on Monday 30 January. Details of the webcast, including registration and how to view can be seen here.

Media contact:
bp press office, London: +44 20 7496 4076, bppress@bp.com

SOURCE: BP p.l.c.

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