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."
The United Nations is releasing an updated death toll in the Libya flooding disaster.
Hurricane Nigel has formed in the Atlantic and is expected to intensify in the next 24 hours. Meanwhile, Lee brought rough surf along the U.S.-Canada border but the storm is expected to dissipate by Tuesday.
Cheddar News checks in with a coast-to-coast forecast of the weather for Monday, Sept. 18, 2023.
Yelling that the future and their lives depend on ending fossil fuels, tens of thousands of protesters on Sunday kicked off a week where leaders will try once again to curb climate change primarily caused by coal, oil and natural gas.
Atlantic storm Lee — which made landfall at near-hurricane strength, bringing destructive winds and torrential rains to New England and Maritime Canada — kept weakening Sunday after officials withdrew warnings and predicted the storm would disappear early this week.
Cheddar News checks in with a coast-to-coast forecast of the weather for Friday, Sept. 15, 2023, including the latest on Hurricane Lee.
A new study shed light on what goes in our brain when we die or have a near-death experience.
An Arkansas resident has died after being infected with a rare brain-eating amoeba.
NASA said Thursday that the study of UFOs will require new scientific techniques, including advanced satellites as well as a shift in how unidentified flying objects are perceived.
An effort to destigmatize the use of overdose reversal drugs that started as a pilot in two West Virginia counties has expanded to all thirteen states in Appalachia this year.
