Each article in this series will be written by one of bp’s subject matter experts and will explore a different element of the energy transition and the role it could play in a low carbon future.
2020 was a pivotal year for climate action. There is now real momentum behind efforts to achieve the Paris goals. And companies will play a central role in delivering these targets – many of those companies, who like bp, have set out a path to transition their business to net zero.
We do not have all the answers, and we know that there is no one path to net zero. We hope by sharing the information that underpinned bp’s strategy, we can contribute to the conversation and learn from others.
The global energy mix is set to become far more diversified, with renewables and fossil fuels providing a significant share of world energy. Falling oil demand may lead to greater competition among oil producers as the pursuit of market share intensifies
The disruptions associated with COVID-19 may lead to a process of deglobalization, as countries seek to increase their resilience by becoming less dependent on imported goods and services
Today, fossil fuels represent 85% of total primary energy consumption. A transition to a lower carbon energy system is likely to lead to a fundamental restructuring of the global energy system. Such a transition is a huge challenge, but is achievable if governments, companies and wider society pull together
The role of fossil fuels declines over the next 30 years, but natural gas remains more resilient as it supports the shift away from coal and provides a source of near-zero-carbon energy, when combined with CCUS, as the world increasingly decarbonizes
Not all crudes are made in the same way. Different crudes have different carbon intensities and those differences could have a significant impact on cost and competitiveness, depending on carbon prices
Explore the report, download the data or watch the replay of Spencer Dale's 2020 presentation