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."
It’s no secret that the world is amidst a climate crisis never before seen in our time. And our excessive resource consumption is to blame. But just exactly what resources are to blame might surprise you. Hint: fossil fuels are only one part of the problem.
Dr. Robert Lahita, the director of Saint Joseph's Institute for Autoimmune and Rheumatic Diseases, joined Cheddar to discuss the latest on omicron as the new variant has popped up in more than a dozen states so far. He emphasized that vaccinations should remain the priority despite efficacy against the new variant being unknown at this point.
Six states have confirmed cases of the new Omicron coronavirus variant, and this number is expected to grow. Cheddar's Hena Doba speaks with Dr. William Schaffner,
Professor of Preventive Medicine at Vanderbilt University Medical Center, on the latest developments.
Just days after the detection of the Omicron variant, the World Health Organization has agreed to start the process of establishing a global pandemic treaty or accord. Amy Maxmen, senior reporter for Nature, and Dr. Samuel Scarpino, managing director for the Rockefeller Foundation's Pandemic Prevention Institute, joined Cheddar to discuss this effort and what lessons can be learned from the many COVID-19 failures as the world prepares for future pandemics.
Local Bounti rang the opening bell December 3 in honor of its recent trading debut on the NYSE after closing a $1.1 billion SPAC deal. The company operates an indoor growing facility in Montana and aims to transform the production and delivery of local, fresh and sustainably-grown leafy greens. Craig Hurlbert, co-founder and co-CEO of Local Bounti, joined Cheddar to discuss the company's goals as a newly publicly-traded company.
Stephan Winkelmann, president of Bugatti Automobiles and CEO of Lamborghini, stopped by Cheddar to talk about Lamborghini's 2021 success after the luxury automaker set a company sales record on more than 6,9000 vehicles delivered. With climate change top of mind for the auto industry, Winkelmann also talked about Lamborghini's commitment to hybridizing its entire fleet. Still, when it comes to supercars, the legacy brand isn't quite ready to give up gasoline power, and according to the CEO, three new combustion engine vehicles will be available in 2022.
New York officials have confirmed five omicron COVID-19 cases in New York City and on Long Island after a Minnesota man who tested positive for the same variant said he attended a convention in November at the Jacob Javits Center in Manhattan.
It's Friday at long last. Jill and Carlo cover the latest on Omicron, including a possible superspreader event in NYC. Plus, previewing the November jobs report, a new Zoom feature no one asked for, and when it's no longer a good idea to eat Thanksgiving leftovers.
Three cases of the new omicron COVID-19 variant have been confirmed in the U.S. Cheddar speaks with global infection disease specialist Dr. Rajeev Fernando on how to prepare for a possible new coronavirus wave.
