In its latest energy outlook, British energy giant BP predicts that fossil fuels as a primary energy source will decline from 80 percent in 2019 to between 55 and 20 percent in 2050, with renewables rising from 10 percent to between 35 and 65 percent.
The forecast comes as BP adjusts its expectations around the green energy transition, due to the new uncertainties brought on by the war in Ukraine.
"Global energy policies and discussions in recent years have been focused on the importance of decarbonizing the energy system and the transition to net zero," wrote BP Chief Economist Spencer Dale in a note. "The events of the past year have served as a reminder to us all that this transition also needs to take account of the security and affordability of energy."
As the report explained, energy security and affordability are competing with sustainability for countries' attention and investment dollars. BP calls this an "energy trilemma."
"Any successful and enduring energy transition needs to address all three elements of the trilemma," Dale wrote.
Yet the war in Ukraine isn't the only development changing BP's outlook. Another is the passing of the Inflation Reduction Act in the U.S., which is set to invest billions into green projects.
The most positive scenarios, in terms of the climate, that BP outlines anticipate four trends:
In all possible cases, the report forecasts that renewables will be adopted “quicker than any previous fuel in history."
Heila Technologies, a startup that develops hardware and software to integrate renewables and batteries on a microgrid, is helping to power the first clean energy microgrid for Auto Mercado, a top supermarket chain in Costa Rica. The plant will reduce 20 tons of CO2 emissions per year. Heila Technologies CEO Francisco Morocz joins Cheddar Climate to discuss.
The U.S. has a million-ton problem: each year, hundreds of pounds of plastic waste are produced per person, and that leads to close to 2 million tons of that waste leaking into the environment. Eight million tons end up in the ocean, where it hinders marine life, damages ecosystems, and impacts industry. But in recent years, Congress has introduced measures including the Save our Seas act to try to mitigate the issue and turn our plastic problem around. Sen. Chris Murphy (D-CT) joins Cheddar Climate to discuss why the U.S. is the top global polluter of plastic, what Congress is doing to try to fix the issue, and more.
Daniel Huppmann, researcher at International Institute for Applied Systems Analysis, joins Cheddar Climate, where he explains how the global economy could be 2% bigger by 2100 if the world can hold global warming below 1.5°C.
While the World Health Organization strongly advises against a COVID-19 vaccine mandate, national and local governments are moving to make inoculations compulsory. Cheddar News speaks with Dr. Joel Zinberg of the Competitive Enterprise Institute on the issue.
Cheddar breaks down the challenges of plastic recycling and what one company is doing to help offset the negative environmental impact of single-use plastics.
Earlier this year, JetBlue flew its inaugural flight into the United Kingdom. It was a game changer — not only did the airline enter the transatlantic market, but the plane that completed the flight was a single-aisle jet. For decades, flying the distance was synonymous with jumbo jets, but today narrow-body aircraft are now proving they are up for the task — and maybe even the best option. In this episode, Cheddar examines why airlines are betting on narrow-body aircraft.
Carlo and Baker discuss the sweeping new vaccine mandate in NYC that will target all private businesses. Plus, Trump's media venture gets its CEO and more.
Humans are scientifically the most successful species in the history of planet earth. And for this we can thank our opposable thumbs, proportionally large brains, and our upright posture. But for all our anatomical wonders, we still have some pretty major flaws.
