Spencer Dale highlights that the role of the outlook is not to predict the future, but to understand the complexity and uncertainty the industry faces.
The three scenarios explained in the report span a wide spectrum of possible transition paths and outcomes. He refers to the declining role of fossil fuels affected by an increasing share for renewable energy and a growing role for electricity.
Dale comments that
The outlook of natural gas is more resilient in all three scenarios.
Natural gas is supported by coal-to-gas switching as the world decarbonizes and as a source of near-zero carbon energy.
Overall, BP is amongst those who aspire to achieve a net-zero world, looking for alternative fuels and environmentally friendly options.
Looking towards 2050, BP sees the world continuing to electrify with the help of wind and solar which will provide much of that power. In addition, hydrogen and bioenergy step up to as sources of clean power, while, as mentioned above, demand for fossil fuels reduces as cars become more efficient.