Oil Major Moves Toward New Energy

BP report: Oil is dying, long live green energy

Michelle Lewis, September 14, 2020 (Electrek)

“…[BP’s 2020 Energy Outlook shows] oil may have reached its peak due to the pandemic and that renewables will take the place of fossil fuels…BP’s three scenarios are Rapid Transition (carbon emissions from energy use to fall by around 70% by 2050), Net Zero (carbon emissions from energy use fall by ‎over 95% by 2050), and Business-as-usual (emissions in 2050 less than 10% below 2018 levels)…[In all three scenarios, policies and shifts in societal preferences lead to] a decline in the share of ‎hydrocarbons (coal, oil, and natural gas) in the global energy system…[and] a corresponding increase in the role of renewable energy as the world increasingly ‎electrifies…

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In BP’s first two scenarios, COVID-19 accelerates the slowdown in oil consumption, leading to it peaking last year. In its Business-as-usual scenario, oil demand peaks by 2030…[BP, a global oil giant,] is stating that fossil fuels will be replaced by green energy such as wind, solar, and hydropower because oil has reached its peak as a result of the pandemic…[It recently] invested $1.1 billion in offshore wind in the US…BP isn’t being benevolent; it knows that’s where the market is going…” click here for more

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