This year’s bp Energy Outlook explores the key trends and uncertainties surrounding the energy transition out to 2050.
Among those trends in the report is the use of modern biofuels - modern solid biomass, biofuels and biomethane - which the company said was growing rapidly and was helping to decarbonise hard-to-abate sectors and processes.
The three main scenarios considered in the Outlook – net-zero, accelerated and new momentum – have been updated to take account of two major developments over the past year the Russia-Ukraine war and the passing of the Inflation Reduction Act in the US.
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. However, 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 full 2023 Energy Outlook can be seen at: bp.com/energyoutlook
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