bp’s Energy Outlook explores the key trends and uncertainties surrounding the energy transition out to 2050. EPIC hosted Spencer Dale, bp’s chief economist, who discussed the Outlook’s findings and what this could mean for the future of energy. Dale also explored how recent events might affect global energy demand and supply and consider what impact this could have on the fuel mix and future emissions.
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 passing of the Inflation Reduction Act in the US and the Russia-Ukraine war. The Russia-Ukraine conflict has had significant impact on the energy system. The disruption to global energy supplies and associated spike in global prices has emphasized the importance of providing energy security and affordability. While the need for cleaner energy remains crucial.
The full 2023 Energy Outlook can be seen at: bp.com/energyoutlook.