Bp Renewable Energy Report

Bp s influential annual report on the future of energy published on monday says oil will be replaced by clean electricity from windfarms solar panels and hydropower plants as renewable energy.

Bp renewable energy report.

The energy outlook explores the forces shaping the global energy transition out to 2050 and the key uncertainties surrounding that transition. In august we set out a new strategy in support of this purpose and ambition. Bp is planning to slash oil and gas production and pour billions of dollars into clean energy as part of a major strategic overhaul unveiled on tuesday alongside a huge second quarter loss and. This was also the largest increment for any source of energy in 2019.

That demand for oil and gas will be increasingly challenged. Renewable and other forms of zero or low carbon energy. The global energy system is likely to undergo a fundamental restructuring in order to decarbonize which will create challenges and opportunities for the industry. New report looks at possible developments in global energy to 2050.

With a declining role for fossil fuels offset by an increasing share for renewable energy and a growing role for electricity. In all scenarios the structure of energy demand fundamentally shifts with a declining role for fossil fuels offset by an increasing share for renewable energy and a growing role for electricity bp said. Bp has released its 2020 energy outlook which is remarkably different from its 2019 report when bp s base case only expected oil consumption to grow over the next decade reaching a peak in. Renewable energy including biofuels posted a record increase in consumption in energy terms 3 2 ej.

Renewables are the fastest growing energy source contributing half of the growth in global energy with its share in primary energy increasing from 4 in 2019 to around 15 by 2040 in bp we have an established and growing alternative energy business with a significant portfolio across renewable fuels power and products. This change in course is evocative of when netflix abandoned dvd. And that alongside many others bp can contribute to the energy transition that the world wants and needs and create value doing so. Three main scenarios rapid net zero and business as usual provide a range of.

Wind provided the largest contribution to renewables growth 1 4 ej followed closely by solar 1 2 ej.