BP: UKRAINE WAR LIKELY TO SPEED DECLINE IN FOSSIL FUEL USE

Abstract

An intensified global focus on energy security, stemming from the Russia-Ukraine war, will likely hasten the move away from fossil fuels toward greener sources, BP Plc said on Jan 30 in its "2023 Energy Outlook." But the report's lead author emphasized the continued importance of oil and gas as the world's economies transition to new energy sources. Spencer Dale, BP's chief economist, said that even in Accelerated/Net Zero [scenarios], in which oil and gas demand fall materially ... the natural rate of decline of existing production is even greater, meaning that continued investment in upstream oil and gas is required to meet future demand.