For more than a century, BP has helped keep the world moving. But technology, consumer behaviour and regulation are fundamentally changing the way that people and goods move around.
At the same time, society faces a dual challenge – how to deliver more of the energy needed as demand grows, while dramatically reducing greenhouse gas (GHG) emissions.
The scale of the challenge means that opportunities need to be considered to decarbonize transport – thereby advancing cleaner transport. Today’s transportation accounts for around a quarter of carbon emissions and BP’s analysis suggests that, if recent trends continue, the number of cars on roads could nearly double in the next two decades, rising to almost two billion.
Electric vehicles will play a role in lowering GHG from transport and improving air quality. At BP, we are working hard to bring electrification to our customers. That’s why we’re investing in new forms of infrastructure and technology such as ultra-fast charging. We now provide a network of 7,000 charging points across the UK, and we recently started the roll out of ultra-fast chargers on our forecourt network.
Energy illustrated: electric cars
Electrification is just one of the ways in which we can keep the world moving while reducing emissions. There are other options too, including greater efficiency in conventional engines, biofuels and advanced fuels.
These options can play an important role in tackling emissions from cars in the short to medium term while some of the stumbling blocks to EV ownership are overcome. BP’s Energy Outlook suggests that at least half of Europe’s cars and more than two thirds of the world’s could still have internal combustion engines (ICE) by 2040. What’s more, based on recent trends, oil could still power the majority of passenger transport.
If the world is to meet the dual challenge, decarbonizing the transport system cannot be a race to a single mobility solution.
The European Commission in its recent long-term climate strategy recognised that “electrification using renewables alone will not be the single silver bullet for all transport modes”; and the Intergovernmental Panel on Climate Change highlights the important role that biofuels and other alternative fuels such as hydrogen and e-fuels could play, in some scenarios providing over 50% of transport energy by 2050.
So, the world needs to embrace new engines, new fuels and new technologies and we need investment and policies that support their development.
At BP, we believe that means:
We will innovate with new business models and service platforms to deliver the future of mobility, energy and services for our customers