BP says demand for oil and gas will drop dramatically by 2050 in 'decisive shift'
Publishing timestamp: 2023-01-30 17:13:23
Summary
BP's annual energy outlook report predicts that the share of fossil fuels as primary energy source will fall from 80 percent in 2019 to between 55 and 20 percent by 2050, while renewables' share will grow from 10 percent to between 35 percent and 65 percent over same time period. This shift is driven by the need for energy security, affordability, and sustainability. Electricity demand is expected to increase by 75 percent by 2050, and this will require scaling up of carbon capture technology, wind and solar facilities, batteries, hydrogen, CO2 pipelines, and new energy storage capacities.
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Keywords: bp plc, ukraine, business news, climate,