Post by admin on Feb 1, 2023 18:17:58 GMT
BP predicts drop in fossil fuel demand but claims investment needed for another 30 years (Charlotte Elton, Wed, 1 February 2023 at 11:27 am GMT, Yahoo News)
To avoid catastrophic (usual sensationalist terminology) global heating, countries need to phase out oil and gas as quickly as possible.
The extraction and consumption of these fossil fuels is the most nefarious cause of global heating.
But is the tide slowly turning?
In its annual energy outlook, energy giant BP has lowered its predictions for how much oil and gas will be used between now and 2035.
So how much have forecasts dropped - and will this reduction be enough?
What will the world look like with the BP predictions?
The BP report scales back oil demand predictions for 2035 by 5 per cent. The reduction for natural gas is 6 per cent.
It attributes this adjustment to the global shift to renewable energy and to the growing uptake of electric cars.
“The increased importance placed on energy security as a result of the Russia-Ukraine war leads over time to a shift away from fossil fuels towards locally produced non-fossil fuels, accelerating the energy transition,” a BP spokesman said on Monday.
It’s good news - but to be clear, the energy giant is still presuming a lot of oil will be consumed.
BP predicts that by 2030 it will produce 37.8 gigatonnes of greenhouse gas per year.
A gigatonne is a billion metric tons - or the amount of CO2 produced by 16.6 million flights between New York and LA.
If we are to prevent global heating of more than 1.5 degree, our remaining carbon budget is just 500 gigatonnes. BP - a single company - predicts that it will produce a tenth of this per year by 2030.
The climate crisis requires far more rapid decarbonisation.
To avoid catastrophic (usual sensationalist terminology) global heating, countries need to phase out oil and gas as quickly as possible.
The extraction and consumption of these fossil fuels is the most nefarious cause of global heating.
But is the tide slowly turning?
In its annual energy outlook, energy giant BP has lowered its predictions for how much oil and gas will be used between now and 2035.
So how much have forecasts dropped - and will this reduction be enough?
What will the world look like with the BP predictions?
The BP report scales back oil demand predictions for 2035 by 5 per cent. The reduction for natural gas is 6 per cent.
It attributes this adjustment to the global shift to renewable energy and to the growing uptake of electric cars.
“The increased importance placed on energy security as a result of the Russia-Ukraine war leads over time to a shift away from fossil fuels towards locally produced non-fossil fuels, accelerating the energy transition,” a BP spokesman said on Monday.
It’s good news - but to be clear, the energy giant is still presuming a lot of oil will be consumed.
BP predicts that by 2030 it will produce 37.8 gigatonnes of greenhouse gas per year.
A gigatonne is a billion metric tons - or the amount of CO2 produced by 16.6 million flights between New York and LA.
If we are to prevent global heating of more than 1.5 degree, our remaining carbon budget is just 500 gigatonnes. BP - a single company - predicts that it will produce a tenth of this per year by 2030.
The climate crisis requires far more rapid decarbonisation.
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