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BP Energy Outlook: Global economy faces dual challenge, more energy with fewer emissions

JAKARTA (RambuEnergy.com) –  BP, a U.K-based diversified energy company, on Thursday (Feb. 14) published its 2019 edition of BP’s Energy Outlook, which explores the key uncertainties that could impact the shape of global energy markets out to 2040.

The report highlighted the greatest uncertainties over this period, which involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future.

These scenarios highlight the dual challenge that the world is facing. The Outlook also considers a number of other issues including the possible impact of an escalation in trade disputes and the implications of a significant tightening in the regulation of plastics.

It said the global carbon emissions continue to rise, signalling the need for a comprehensive set of policy measures to achieve a substantial reduction in carbon emissions.

“The Outlook again brings into sharp focus just how fast the world’s energy systems are changing, and how the dual challenge of more energy with fewer emissions is framing the future. Meeting this challenge will undoubtedly require many forms of energy to play a role,” said BP’s Group Chief Executive Bob Dudley.

“Predicting how this energy transition will evolve is a vast, complex challenge. In BP, we know the outcome that’s needed, but we don’t know the exact path the transition will take. Our strategy offers us the flexibility and agility we need to meet this uncertainty head on,” he said.

“The world of energy is changing,” agrees Spencer Dale. “Renewables and natural gas together account for the great majority of the growth in primary energy. In our evolving transition scenario, 85% of new energy is lower carbon.”

Global carbon emissions continue to rise, signalling the need for a comprehensive set of policy measures to achieve a substantial reduction in carbon emissions.

The new Outlook was launched in London today by Spencer Dale, group chief economist, and Bob Dudley, group chief executive.

“The Outlook again brings into sharp focus just how fast the world’s energy systems are changing, and how the dual challenge of more energy with fewer emissions is framing the future. Meeting this challenge will undoubtedly require many forms of energy to play a role,” said Bob Dudley.

“Predicting how this energy transition will evolve is a vast, complex challenge. In BP, we know the outcome that’s needed, but we don’t know the exact path the transition will take. Our strategy offers us the flexibility and agility we need to meet this uncertainty head on.”

“The world of energy is changing,” agrees Spencer Dale, group chief economist.”

“Renewables and natural gas together account for the great majority of the growth in primary energy. In our evolving transition scenario, 85% of new energy is lower carbon.”

Much of the narrative in the Outlook is based on its evolving transition scenario. This scenario and the others considered in the Outlook are not predictions of what is likely to happen; instead, they explore the possible implications of different judgements and assumptions. (*)

Edited by Roffie Kurniawan (Email: roffie.kurniawan@gmail.com)

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