BP Oil & Gas says consumption of fossil fuels is expected to decline for the first time in contemporary history after climate policies boosted renewable energy while leaving a pandemic Coronavirus has a lasting impact on global energy demand.
According to Reuters, BP's Energy Reference Outlook for 2020 confirms CEO Bernard Looney's new strategy to revamp the 111-year-old oil and gas company through a shift to energy sources. Renewable and electricity.
The London-based company expects global economic activity to recover only partially after the pandemic over the next few years as travel restrictions are eased.
but some permanent effects such as working from home will slow down the growth in energy consumption.
this year BP extended its forecast to 2050 to align with the company's strategy to reduce carbon emissions from its operations to zero by mid-century.
This includes three scenarios that assume different levels of government policies aimed at fulfilling the 2015 Paris Climate Agreement to limit global warming to less than 2 degrees Celsius from some levels. Before the Industrial Revolution.
The company expects under the baseline scenario that (Covid 19) will lead to a reduction of about 3 million barrels per day by 2025 and 2 million barrels per day by 2050.
In the second daring scenario, (Covid 19) will accelerate the slowdown in oil consumption, which led to its peak last year. As for the third scenario, oil demand will reach its peak around 2030.
In the long term, the demand for coal, oil and natural gas is expected to slow significantly.
BP said in its forecasts that the growth in global economic activity will slow down significantly over the next 30 years from its previous average over 20 years, to some extent as a result of The lasting effects of the Corona pandemic in addition to the exacerbation of the impact of climate change on economic activity, especially in Africa and Latin America.
(Amazon Fun Knowledge)
