- Spencer Dale introduces the 2020 bp Energy Outlook launch and three scenarios explored: Rapid, Net Zero, and Business-as-Usual (BAU).
- Common across all three scenarios are: a declining role for fossil fuels from 85% to 65-20% by 2050; renewable energy growing from 5% to 20-60% of primary energy by 2050; and increasing electrification with the share of electricity in final energy consumption rising over time.
- Key questions to be discussed include: the impacts of Covid-19; prospects for oil demand; roles of natural gas, renewables, hydrogen, and bioenergy; and dangers of delaying the energy transition.
The document outlines BP's new strategy presented at its 2020 Capital Markets Day, including reducing oil and gas production 40% by 2030, developing 50GW of renewable capacity by 2030, and allocating over 20% of capital to energy transition by 2025. BP also introduces a new financial framework to support the energy transition with commitments around debt reduction, shareholder distributions, returns, and earnings growth through 2025. A question and answer section addresses investor questions about various aspects of BP's new strategy and ambitions.
Bernard Looney, Chief Executive Officer of bp, provides a recap of bp's new strategy and financial frame that was introduced on August 4th. The strategy focuses on three areas: low carbon electricity and energy, convenience and mobility, and resilient and focused hydrocarbons. It is underpinned by partnering with others, integrating energy systems, and driving digital innovation. The financial frame aims to support the energy transition with capital allocation priorities, a resilient balance sheet, and disciplined investment process. The goals are to deleverage to $35 billion net debt, maintain a strong credit rating, and allocate over 20% of capital to the energy transition by 2025.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. It considers a range of scenarios that differ in their assumptions about policies, technologies, and energy market developments. The main scenario, called Evolving Transition, sees global energy demand growing by one third by 2040 as prosperity increases worldwide. Renewable energy is the fastest growing source and accounts for 40% of the increase in primary energy. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
bp reported its full year and fourth quarter 2021 financial results and provided an update on its strategic progress. Key highlights included underlying replacement cost profit of $7 billion for 4Q2021 and $25.5 billion for full year 2021. Operating cash flow for 4Q2021 was $6.1 billion including a $2.2 billion working capital build. bp announced a $1.725 billion share buyback for 4Q2021 and a further $1.5 billion buyback prior to 1Q2022 results. Net debt was reduced to $30.6 billion. bp also discussed its continued strategic progress in expanding its renewables pipeline and low carbon hydrogen hopper as it transforms into an integrated energy company.
BP reported its fourth quarter and full year 2019 results. Key highlights included $10 billion in underlying replacement cost profit for 2019 and $28.2 billion in underlying operating cash flow. BP aims to grow sustainable free cash flow and distributions to shareholders over the long term through its portfolio focused on value, disciplined investment, and being fit for a changing world. BP provided guidance for 2020 of lower reported production and organic capital expenditure between $15-17 billion.
BP reported strong second quarter 2021 financial results. Underlying replacement cost profit was $2.8 billion, an increase from $2.6 billion in the first quarter. Operating cash flow was $5.4 billion. Net debt was reduced to $32.7 billion. BP executed a $1.4 billion share buyback in the second quarter and expects to buy back around $1 billion per quarter on average. The company is committed to growing its resilient dividend by around 4% annually through 2025.
The document outlines Danang Suryo Wardhono's background and experience in industrial engineering, business administration, and as the head of a large security printing company and restaurant owner. It then describes the structure and content of 1-day and 2-day strategic management and financial training courses. The remainder of the document discusses BP's strategic report, including its business model, strategy to transition to gas and low-carbon energy, financial framework, key performance indicators, and risk management approach.
bp reported its fourth quarter and full year 2020 financial results. Key points include:
- Underlying replacement cost loss of $100 million for Q4 2020 and $5.7 billion for full year 2020.
- Net debt of $38.9 billion as of December 31, 2020, down from $51.4 billion a year earlier.
- Capital expenditure was reduced by around 40% in 2020 compared to 2019 and is expected to be around $13 billion in 2021.
- Cash costs were reduced by 12% in 2020 and further reductions are expected through 2023.
The document outlines BP's new strategy presented at its 2020 Capital Markets Day, including reducing oil and gas production 40% by 2030, developing 50GW of renewable capacity by 2030, and allocating over 20% of capital to energy transition by 2025. BP also introduces a new financial framework to support the energy transition with commitments around debt reduction, shareholder distributions, returns, and earnings growth through 2025. A question and answer section addresses investor questions about various aspects of BP's new strategy and ambitions.
Bernard Looney, Chief Executive Officer of bp, provides a recap of bp's new strategy and financial frame that was introduced on August 4th. The strategy focuses on three areas: low carbon electricity and energy, convenience and mobility, and resilient and focused hydrocarbons. It is underpinned by partnering with others, integrating energy systems, and driving digital innovation. The financial frame aims to support the energy transition with capital allocation priorities, a resilient balance sheet, and disciplined investment process. The goals are to deleverage to $35 billion net debt, maintain a strong credit rating, and allocate over 20% of capital to the energy transition by 2025.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. It considers a range of scenarios that differ in their assumptions about policies, technologies, and energy market developments. The main scenario, called Evolving Transition, sees global energy demand growing by one third by 2040 as prosperity increases worldwide. Renewable energy is the fastest growing source and accounts for 40% of the increase in primary energy. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
bp reported its full year and fourth quarter 2021 financial results and provided an update on its strategic progress. Key highlights included underlying replacement cost profit of $7 billion for 4Q2021 and $25.5 billion for full year 2021. Operating cash flow for 4Q2021 was $6.1 billion including a $2.2 billion working capital build. bp announced a $1.725 billion share buyback for 4Q2021 and a further $1.5 billion buyback prior to 1Q2022 results. Net debt was reduced to $30.6 billion. bp also discussed its continued strategic progress in expanding its renewables pipeline and low carbon hydrogen hopper as it transforms into an integrated energy company.
BP reported its fourth quarter and full year 2019 results. Key highlights included $10 billion in underlying replacement cost profit for 2019 and $28.2 billion in underlying operating cash flow. BP aims to grow sustainable free cash flow and distributions to shareholders over the long term through its portfolio focused on value, disciplined investment, and being fit for a changing world. BP provided guidance for 2020 of lower reported production and organic capital expenditure between $15-17 billion.
BP reported strong second quarter 2021 financial results. Underlying replacement cost profit was $2.8 billion, an increase from $2.6 billion in the first quarter. Operating cash flow was $5.4 billion. Net debt was reduced to $32.7 billion. BP executed a $1.4 billion share buyback in the second quarter and expects to buy back around $1 billion per quarter on average. The company is committed to growing its resilient dividend by around 4% annually through 2025.
The document outlines Danang Suryo Wardhono's background and experience in industrial engineering, business administration, and as the head of a large security printing company and restaurant owner. It then describes the structure and content of 1-day and 2-day strategic management and financial training courses. The remainder of the document discusses BP's strategic report, including its business model, strategy to transition to gas and low-carbon energy, financial framework, key performance indicators, and risk management approach.
bp reported its fourth quarter and full year 2020 financial results. Key points include:
- Underlying replacement cost loss of $100 million for Q4 2020 and $5.7 billion for full year 2020.
- Net debt of $38.9 billion as of December 31, 2020, down from $51.4 billion a year earlier.
- Capital expenditure was reduced by around 40% in 2020 compared to 2019 and is expected to be around $13 billion in 2021.
- Cash costs were reduced by 12% in 2020 and further reductions are expected through 2023.
The document discusses the challenges US companies face in transitioning from GAAP accounting standards to IFRS standards. It notes that the SEC has advocated for a single set of global accounting standards and has proposed a timeline for US public companies to adopt IFRS by 2016. The transition will require significant resources and affect many departments within a company. Hiring experienced contract staff who specialize in IFRS can help companies implement IFRS in a cost-effective way while minimizing disruptions to operations.
BP reported its second quarter 2020 financial results and strategy presentation. The presentation contained forward-looking statements about BP's financial condition, operations, plans and objectives that are subject to risks and uncertainties. BP provided a cautionary statement to accompany any forward-looking statements. The presentation outlined BP's strategic plans to strengthen its balance sheet, invest in its energy transition strategy, focus on resilient hydrocarbons, and transform its convenience and mobility offerings over the next 5 years.
bp reported strong financial results for 1Q 2021, achieving its $35 billion net debt target and commencing share buybacks. Key highlights included exceptional gas marketing performance, significantly higher oil prices, and higher refining margins compared to 4Q 2020. bp also made disciplined strategic progress across its businesses, including major project delivery and partnerships to advance its EV charging and renewable strategies.
The document provides details on Curtiss-Wright's 1Q 2018 earnings conference call, including financial results, business outlook, and guidance. Key points:
- 1Q 2018 diluted EPS increased 35% to $0.98 due to higher sales and profitability in commercial/industrial and defense segments.
- Net sales grew 5% overall with strong demand in aerospace and naval defense. Operating margin expanded 270 basis points to 11.8%.
- Full-year 2018 guidance was raised, expecting higher sales, operating income, margins and EPS, driven by improved outlook across all end markets. However, the Dresser-Rand acquisition reduces some metrics due to first-year purchase accounting costs.
bp reported its third quarter 2020 financial results. Brent oil prices were 45% higher compared to the second quarter, while bp's refining marker margin was 5% higher. bp's underlying replacement cost profit was $0.1 billion for the third quarter, compared to a loss of $6.7 billion in the previous quarter, driven by higher oil prices and improved refining margins. Net debt fell to $40.4 billion due to a cash inflow of $0.6 billion. bp expects 2020 upstream production excluding Rosneft to be lower than 2019 and organic capital expenditure to be around $12 billion.
Mercer Capital's Value Focus: Energy Industry | Q4 2020 | Region Focus: Appal...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics. This issue we focus on the Appalachian Basin.
BP reported financial results for 1Q 2020 that showed a significant decline from 4Q 2019 due to lower oil and gas prices driven by the COVID-19 pandemic. Underlying replacement cost profit was $0.8 billion, down from $2.6 billion in 4Q 2019. BP took actions to strengthen its financial position including reducing capital expenditures and strengthening its $32 billion liquidity position. BP also reaffirmed its commitment to its long term strategic plan and financial framework to sustainably grow free cash flow and distributions to shareholders over the long term.
Level 3 Communications reported its second quarter 2017 results on August 2, 2017. The company reaffirmed its full year 2017 financial outlook and reported adjusted EBITDA of $744 million for the quarter, an increase over the previous year. Free cash flow for the quarter was $236 million. The company also reached its target leverage ratio of 3.0x for net debt to adjusted EBITDA. Level 3 provided cautionary statements regarding forward-looking statements and additional details on financial metrics and non-GAAP reconciliations.
BP reported $2.3 billion in underlying replacement cost profit for 3Q 2019, down from $2.8 billion in 2Q 2019 due to lower oil and gas prices and production impacts from adverse weather. Cash flow from operations was $6.5 billion for the quarter. BP continues to advance its strategy and energy transition, announcing partnerships to expand electric vehicle charging infrastructure in China and the UK, while growing its solar development business. Production from major projects start-ups and expansion of low carbon businesses supported the company's long-term strategy and financial framework.
Outlook for Energy and Minerals Markets - for the 116th CongressRoger Atkins
TESTIMONY OF KEVIN BOOK MANAGING DIRECTOR, CLEARVIEW ENERGY PARTNERS, LLC
BEFORE THE
U.S. SENATE COMMITTEE
ON ENERGY AND NATURAL RESOURCES
FEBRUARY 5, 2019
This document is a presentation by Douglas Elmendorf, the Director of the Congressional Budget Office, about CBO's analysis of health care policy. It discusses CBO's objective, nonpartisan approach and how it analyzes the effects of policies on the federal budget, state budgets, costs for beneficiaries, and health care outcomes. It also examines key types of federal health care policies that CBO studies, such as ways to improve population health, cut federal subsidies, change how Medicare providers are paid, and make structural changes to programs like Medicare.
Slides used during the Feb 13, 2015 analyst call for DTE Energy. Of interest to us is the discussion surrounding the Marcellus/Utica Shale and the big role it plays in the company's future. DTE projects impacted by northeast shale include the Millennium Pipeline, Bluestone Gathering System, NEXUS Pipeline and Vector Pipeline.
Investor Presentation on Acquisition of Singapore Press Holdings Limited excl...KeppelCorporation
The document summarizes a proposed transaction where Keppel Pegasus Pte. Ltd., a wholly-owned subsidiary of Keppel Corporation Limited, will acquire 100% of Singapore Press Holdings excl. media ("SPH") via a scheme of arrangement. Key terms include Keppel Pegasus offering S$0.668 cash per SPH share and 0.596 Keppel REIT units per SPH share, for a total offer value of approximately S$2.2 billion. SPH will also distribute 0.782 SPH REIT units per share to its shareholders. The transaction is subject to regulatory approvals and SPH divesting its media business.
Vulcan Materials reported first quarter 2013 earnings results. Key highlights included aggregates shipments and pricing in line with expectations, and improved profitability in non-aggregates segments. The outlook for 2013 anticipates continued recovery in private construction leading to 1-5% growth in aggregates volumes and 4% increase in aggregates pricing. Earnings improvement is expected across all business segments.
This document summarizes a monthly economic report on the fiscal cliff and its potential impact on the US economy. It finds that allowing all current tax increases and spending cuts to take effect could plunge the US back into recession due to the abrupt change in fiscal policy. However, failing to address the large budget deficit also poses long-term risks to economic growth. The report recommends a gradualist approach that gradually reduces the deficit to a sustainable level over several years to minimize near-term economic risks.
Presentation by James Baumgardner, Ph.D., Deputy Assistant Director Health, Retirement, and Long-Term Analysis Division, CBO, to the 30th International Congress of Actuaries on April 4, 2014
This presentation provides information published in Raising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget (June 2012), www.cbo.gov/publication/43319
Southern Company reported second quarter earnings of $429.2 million, or 57 cents per share, up from $385.2 million, or 52 cents per share in the second quarter of 2006. For the first six months of 2007, earnings were $767.8 million, or $1.02 per share, compared to $646.8 million, or 87 cents per share for the same period in 2006. Positive drivers for earnings included customer growth, economic expansion, and state regulatory actions, while expenses increased. Southern Company serves over 4.3 million customers across four states and reported increased electricity sales and total revenues for the quarter and year-to-date period.
The document discusses perspectives on the US national debt and health care costs. It notes that while the current national debt is 40% of GDP, it has been higher historically. It argues that economic growth through infrastructure investment can help reduce the debt. It also notes that rising health care costs, not entitlement programs, are the main fiscal problem. Health care spending has grown faster in the US than other nations in recent decades and threatens to absorb half the economy. Solutions require addressing the underlying health care cost crisis.
This document provides an overview and investment thesis for Welltower, a leading health and wellness real estate company. It discusses several secular trends driving growth in the healthcare real estate sector, including an aging population, rising healthcare costs, and focus on social determinants of health. Welltower aims to address these trends through its large portfolio of medical office buildings, outpatient facilities, and seniors housing properties. The company sees a $1 trillion investment opportunity in transforming the built environment to support lower-cost, higher quality healthcare delivery.
BP Energy Outlook
The Energy Outlook explores the forces shaping the global energy transition out to 2040 and the key uncertainties surrounding that transition. It shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil, gas, coal and renewables.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. In the Evolving Transition scenario, global GDP more than doubles by 2040 due to rising prosperity in developing economies. This drives a 35% increase in global energy demand, partly offset by faster gains in energy efficiency. Industrial demand accounts for around half of increased energy use, while transport growth slows sharply. Renewables see the fastest growth and provide 40% of additional energy, resulting in the most diversified fuel mix ever by 2040. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
The document discusses the challenges US companies face in transitioning from GAAP accounting standards to IFRS standards. It notes that the SEC has advocated for a single set of global accounting standards and has proposed a timeline for US public companies to adopt IFRS by 2016. The transition will require significant resources and affect many departments within a company. Hiring experienced contract staff who specialize in IFRS can help companies implement IFRS in a cost-effective way while minimizing disruptions to operations.
BP reported its second quarter 2020 financial results and strategy presentation. The presentation contained forward-looking statements about BP's financial condition, operations, plans and objectives that are subject to risks and uncertainties. BP provided a cautionary statement to accompany any forward-looking statements. The presentation outlined BP's strategic plans to strengthen its balance sheet, invest in its energy transition strategy, focus on resilient hydrocarbons, and transform its convenience and mobility offerings over the next 5 years.
bp reported strong financial results for 1Q 2021, achieving its $35 billion net debt target and commencing share buybacks. Key highlights included exceptional gas marketing performance, significantly higher oil prices, and higher refining margins compared to 4Q 2020. bp also made disciplined strategic progress across its businesses, including major project delivery and partnerships to advance its EV charging and renewable strategies.
The document provides details on Curtiss-Wright's 1Q 2018 earnings conference call, including financial results, business outlook, and guidance. Key points:
- 1Q 2018 diluted EPS increased 35% to $0.98 due to higher sales and profitability in commercial/industrial and defense segments.
- Net sales grew 5% overall with strong demand in aerospace and naval defense. Operating margin expanded 270 basis points to 11.8%.
- Full-year 2018 guidance was raised, expecting higher sales, operating income, margins and EPS, driven by improved outlook across all end markets. However, the Dresser-Rand acquisition reduces some metrics due to first-year purchase accounting costs.
bp reported its third quarter 2020 financial results. Brent oil prices were 45% higher compared to the second quarter, while bp's refining marker margin was 5% higher. bp's underlying replacement cost profit was $0.1 billion for the third quarter, compared to a loss of $6.7 billion in the previous quarter, driven by higher oil prices and improved refining margins. Net debt fell to $40.4 billion due to a cash inflow of $0.6 billion. bp expects 2020 upstream production excluding Rosneft to be lower than 2019 and organic capital expenditure to be around $12 billion.
Mercer Capital's Value Focus: Energy Industry | Q4 2020 | Region Focus: Appal...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics. This issue we focus on the Appalachian Basin.
BP reported financial results for 1Q 2020 that showed a significant decline from 4Q 2019 due to lower oil and gas prices driven by the COVID-19 pandemic. Underlying replacement cost profit was $0.8 billion, down from $2.6 billion in 4Q 2019. BP took actions to strengthen its financial position including reducing capital expenditures and strengthening its $32 billion liquidity position. BP also reaffirmed its commitment to its long term strategic plan and financial framework to sustainably grow free cash flow and distributions to shareholders over the long term.
Level 3 Communications reported its second quarter 2017 results on August 2, 2017. The company reaffirmed its full year 2017 financial outlook and reported adjusted EBITDA of $744 million for the quarter, an increase over the previous year. Free cash flow for the quarter was $236 million. The company also reached its target leverage ratio of 3.0x for net debt to adjusted EBITDA. Level 3 provided cautionary statements regarding forward-looking statements and additional details on financial metrics and non-GAAP reconciliations.
BP reported $2.3 billion in underlying replacement cost profit for 3Q 2019, down from $2.8 billion in 2Q 2019 due to lower oil and gas prices and production impacts from adverse weather. Cash flow from operations was $6.5 billion for the quarter. BP continues to advance its strategy and energy transition, announcing partnerships to expand electric vehicle charging infrastructure in China and the UK, while growing its solar development business. Production from major projects start-ups and expansion of low carbon businesses supported the company's long-term strategy and financial framework.
Outlook for Energy and Minerals Markets - for the 116th CongressRoger Atkins
TESTIMONY OF KEVIN BOOK MANAGING DIRECTOR, CLEARVIEW ENERGY PARTNERS, LLC
BEFORE THE
U.S. SENATE COMMITTEE
ON ENERGY AND NATURAL RESOURCES
FEBRUARY 5, 2019
This document is a presentation by Douglas Elmendorf, the Director of the Congressional Budget Office, about CBO's analysis of health care policy. It discusses CBO's objective, nonpartisan approach and how it analyzes the effects of policies on the federal budget, state budgets, costs for beneficiaries, and health care outcomes. It also examines key types of federal health care policies that CBO studies, such as ways to improve population health, cut federal subsidies, change how Medicare providers are paid, and make structural changes to programs like Medicare.
Slides used during the Feb 13, 2015 analyst call for DTE Energy. Of interest to us is the discussion surrounding the Marcellus/Utica Shale and the big role it plays in the company's future. DTE projects impacted by northeast shale include the Millennium Pipeline, Bluestone Gathering System, NEXUS Pipeline and Vector Pipeline.
Investor Presentation on Acquisition of Singapore Press Holdings Limited excl...KeppelCorporation
The document summarizes a proposed transaction where Keppel Pegasus Pte. Ltd., a wholly-owned subsidiary of Keppel Corporation Limited, will acquire 100% of Singapore Press Holdings excl. media ("SPH") via a scheme of arrangement. Key terms include Keppel Pegasus offering S$0.668 cash per SPH share and 0.596 Keppel REIT units per SPH share, for a total offer value of approximately S$2.2 billion. SPH will also distribute 0.782 SPH REIT units per share to its shareholders. The transaction is subject to regulatory approvals and SPH divesting its media business.
Vulcan Materials reported first quarter 2013 earnings results. Key highlights included aggregates shipments and pricing in line with expectations, and improved profitability in non-aggregates segments. The outlook for 2013 anticipates continued recovery in private construction leading to 1-5% growth in aggregates volumes and 4% increase in aggregates pricing. Earnings improvement is expected across all business segments.
This document summarizes a monthly economic report on the fiscal cliff and its potential impact on the US economy. It finds that allowing all current tax increases and spending cuts to take effect could plunge the US back into recession due to the abrupt change in fiscal policy. However, failing to address the large budget deficit also poses long-term risks to economic growth. The report recommends a gradualist approach that gradually reduces the deficit to a sustainable level over several years to minimize near-term economic risks.
Presentation by James Baumgardner, Ph.D., Deputy Assistant Director Health, Retirement, and Long-Term Analysis Division, CBO, to the 30th International Congress of Actuaries on April 4, 2014
This presentation provides information published in Raising the Excise Tax on Cigarettes: Effects on Health and the Federal Budget (June 2012), www.cbo.gov/publication/43319
Southern Company reported second quarter earnings of $429.2 million, or 57 cents per share, up from $385.2 million, or 52 cents per share in the second quarter of 2006. For the first six months of 2007, earnings were $767.8 million, or $1.02 per share, compared to $646.8 million, or 87 cents per share for the same period in 2006. Positive drivers for earnings included customer growth, economic expansion, and state regulatory actions, while expenses increased. Southern Company serves over 4.3 million customers across four states and reported increased electricity sales and total revenues for the quarter and year-to-date period.
The document discusses perspectives on the US national debt and health care costs. It notes that while the current national debt is 40% of GDP, it has been higher historically. It argues that economic growth through infrastructure investment can help reduce the debt. It also notes that rising health care costs, not entitlement programs, are the main fiscal problem. Health care spending has grown faster in the US than other nations in recent decades and threatens to absorb half the economy. Solutions require addressing the underlying health care cost crisis.
This document provides an overview and investment thesis for Welltower, a leading health and wellness real estate company. It discusses several secular trends driving growth in the healthcare real estate sector, including an aging population, rising healthcare costs, and focus on social determinants of health. Welltower aims to address these trends through its large portfolio of medical office buildings, outpatient facilities, and seniors housing properties. The company sees a $1 trillion investment opportunity in transforming the built environment to support lower-cost, higher quality healthcare delivery.
BP Energy Outlook
The Energy Outlook explores the forces shaping the global energy transition out to 2040 and the key uncertainties surrounding that transition. It shows how rising prosperity drives an increase in global energy demand and how that demand will be met over the coming decades through a diverse range of supplies including oil, gas, coal and renewables.
The document is BP's 2018 Energy Outlook, which explores scenarios for the global energy transition out to 2040. In the Evolving Transition scenario, global GDP more than doubles by 2040 due to rising prosperity in developing economies. This drives a 35% increase in global energy demand, partly offset by faster gains in energy efficiency. Industrial demand accounts for around half of increased energy use, while transport growth slows sharply. Renewables see the fastest growth and provide 40% of additional energy, resulting in the most diversified fuel mix ever by 2040. However, carbon emissions continue rising, indicating more action is needed to achieve climate goals.
The BP Energy Outlook document explores various scenarios for the global energy transition out to 2040. In the Evolving Transition scenario, global GDP more than doubles driven by rising prosperity in developing economies like China and India. This lifts billions out of poverty and increases energy demand by around a third, with renewables becoming the largest source of power. However, carbon emissions continue rising, highlighting the need for further policy and technological changes to achieve emissions reduction goals.
This document provides an overview of Total's strategy for integrating climate change considerations into its business plans and goals through 2035. It discusses Total's ambition to align with a 2 degree Celsius warming scenario, including increasing gas production and renewable energy to 20% of its portfolio. Total recognizes climate change as a major challenge and aims to help provide affordable energy while reducing emissions. The report outlines Total's strategic priorities of improving energy efficiency, optimizing its fossil fuel mix, and accelerating renewable energy development.
The document presents bp's Energy Outlook 2023, which explores the global energy transition through three scenarios - Accelerated, Net Zero, and New Momentum - updated to account for the Russia-Ukraine war and US Inflation Reduction Act. The scenarios consider trends in carbon emissions, energy demand, fuel use, and other factors out to 2050. Accelerated and Net Zero would achieve substantial reductions in carbon emissions of around 75% and 95% by 2050 respectively, broadly aligned with IPCC scenarios for limiting warming to below 2C and 1.5C.
Etude PwC Low Carbon Economy Index (oct. 2015)PwC France
L'année 2014 a marqué un tournant en matière de réduction des émissions de carbone dans les économies du G20. C’est ce que révèle le cabinet d’audit et de conseil PwC dans la 7ème édition de son étude annuelle « Low carbon Economy index », qui modélise l'intensité carbone des grandes économies – à savoir les émissions des gaz à effet de serre liées à la consommation d'énergie par million de dollars de PIB. En effet, l'intensité carbone a chuté de 2,7% en 2014, soit sa plus forte baisse depuis 2000.
La France fait office d’exemple : elle a réduit son intensité carbone de plus de 9% en 2014, ce qui représente la 2ème plus forte réduction des pays du G20, juste derrière le Royaume-Uni (- 10,9%).
NGO data manipulation of financial markets?
Everywhere data has been manipulated to suite or fit
the Greenpeace & Co 100% WindSolar UTOPIA?
Not 1 word on Methane 10,000 billion tons of Gas? Puts long term large Green Energy investment decisions into an unforeseeable level of risk, as the go no go or careful timing for these very capital intensive investments in the long term, is suddenly unimaginable or non existing 4 the investor = Not a word Not 1 in Carbon Tracker?
Future of energy - An initial perspective - Jeremy Bentham, VP Global Busine...Future Agenda
An initial perspective on the future of energy by Jeremy Bentham, VP Global Business Environment at Shell. This is the starting point for the global future agenda discussions taking place through 2015 as part of the the futureagenda2.0 programme. www.futureagenda.org
Statistical Review of World Energy 2021 Full report - BPAbdelmounimTOUILEB
The COVID-19 pandemic had a dramatic impact
on energy markets, with both primary energy
and carbon emissions falling at their fastest rates
since the Second World War. Nevertheless,
renewable energy continued to grow, with solar
power recording its largest ever increase.
The BP Statistical Review of World Energy documented that in 2018:
1) Primary energy consumption grew at its fastest rate since 2010, led by growth in natural gas and renewables.
2) Carbon dioxide emissions from energy use increased at the fastest rate in seven years.
3) While renewable energy continued rapid growth, its increase only accounted for a third of the required rise in global power generation. Coal provided a similar contribution and increased coal use in the power sector accounted for all of the growth in global coal consumption.
1) The document discusses Shell's strategy and actions for navigating the transition to a lower-carbon energy system. It outlines Shell's ambitions to provide strong returns for shareholders, thrive through the energy transition by meeting changing energy needs, and maintain its social license to operate responsibly.
2) Shell plans to reduce the net carbon footprint of its energy products by around half by 2050 to keep pace with society's progress toward limiting global warming per the Paris Agreement goals. It will achieve this through reducing emissions, changing its product mix, and investing in renewable energy, natural gas, carbon capture technologies, and carbon sinks.
3) The document expresses hope that society can achieve the Paris Agreement goals through technological and policy changes
The document summarizes bp's Energy Outlook 2022, which explores three scenarios (Accelerated, Net Zero, New Momentum) for the global energy transition to 2050. Accelerated and Net Zero result in substantial reductions in carbon emissions of around 75% and 95% respectively by 2050, aligned with limiting warming to below 2C and 1.5C. New Momentum sees more gradual changes aligned with current policy ambitions, with emissions 20% below 2019 levels by 2050. Across the scenarios, final energy demand peaks as efficiency gains accelerate, while renewable energy like wind and solar expand rapidly alongside technologies like hydrogen, bioenergy and CCUS.
The document discusses the renewable energy industry in the UK and changing political and economic conditions. It notes that while technology costs are falling and political support is rising, populist anti-renewable political parties present new risks. It also summarizes that the UK aims to meet EU renewable energy targets by 2020 but policy changes risk undermining investment, and the solar industry in particular faces an uncertain future under new UK support mechanisms.
This document provides a summary of a dissertation report on the costs and benefits of transitioning to net-zero emissions by 2050. It outlines the key requirements needed to achieve net-zero, including physical infrastructure changes, economic adjustments, and policy commitments. The report focuses on estimating the economic shifts in demand, capital allocation, costs and jobs that would occur between now and 2050 under a hypothetical net-zero scenario. The analysis covers major emitting sectors like power, transportation, buildings, and land use across 69 countries, but notes limitations and uncertainties in any energy transition modeling.
A brand new report issued by oil giant BP that looks at how current and future technology will more than meet the expanding energy demands of the world for generations to come. Oil and gas reserves alone will double from their present levels by apply current technology, according to the report.
Annual report from BP looking at their best guesses about where energy, of all kinds, is heading from now until 2035. In this year's report, BP predicts (1) By 2035, across the entire world, 80% of all energy will come from fossil fuels. (2) Natural gas is the largest-growing fossil fuel and by 2035 it will have replaced coal as the #2 source of energy in the world. (3) The U.S. will achieve overall energy self-sufficiency by 2021, and oil self-sufficiency by 2030.
The document provides an overview and executive summary of BP's 2016 Energy Outlook. Key points include:
- Global GDP and population are projected to more than double by 2035, driving increased energy demand.
- Fossil fuels remain dominant but their share declines as gas and renewables grow rapidly. Gas becomes the fastest growing fossil fuel.
- China's energy growth slows significantly, weighing on coal demand, while India accounts for over a quarter of increased demand by 2035.
- Oil demand grows by almost 20 Mb/d led by Asia, met by increased non-OPEC supply, while emissions growth rate more than halves.
CSCR Community Track #2: Community Resilience: Jon Bosak, TC LocalSustainable Tompkins
Climate Smart & Climate Ready Conference Community Track #2 on April 20, 2013 at Tompkins County Public Library in Ithaca, NY. Jon Bosak, TC Local. Community Resilience: Developing an Inclusive and Regenerative Strategy. Energy Implications for Climate Change Planning.
The evolution of the GDP with a scarcity of the natural resourcesEfraim Chababe
The 21st century being marked by the transition to green energies and to the 2020 and 2050 milestones set by global meetings on climate changes, our current transition pace is far too low when taking into account the expected progression of the GDP, and
countries' carbon footprint instead of their carbon emission.
The document summarizes Robert Hickey's PhD dissertation defense. The dissertation investigated whether improving energy efficiency in Bulgaria through basic residential building envelope retrofits could reduce greenhouse gas emissions while providing economic benefits. It was hypothesized that existing financial resources for energy efficiency would be insufficient to meet emissions targets. The investigation included: forecasting Bulgaria's emissions from 2015-2020; calculating abatement costs using three models; determining retrofit costs; and comparing models and real cases. The results suggested retrofits could significantly reduce emissions at low or negative costs, and that current financing was inadequate for stated targets.
Similar to BP Energy Week 2020 : Energy Outlook 2020 presentation (20)
FT author
Amanda Chu
US Energy Reporter
PREMIUM
June 20 2024
Good morning and welcome back to Energy Source, coming to you from New York, where the city swelters in its first heatwave of the season.
Nearly 80 million people were under alerts in the US north-east and midwest yesterday as temperatures in some municipalities reached record highs in a test to the country’s rickety power grid.
In other news, the Financial Times has a new Big Read this morning on Russia’s grip on nuclear power. Despite sanctions on its economy, the Kremlin continues to be an unrivalled exporter of nuclear power plants, building more than half of all reactors under construction globally. Read how Moscow is using these projects to wield global influence.
Today’s Energy Source dives into the latest Statistical Review of World Energy, the industry’s annual stocktake of global energy consumption. The report was published for more than 70 years by BP before it was passed over to the Energy Institute last year. The oil major remains a contributor.
Data Drill looks at a new analysis from the World Bank showing gas flaring is at a four-year high.
Thanks for reading,
Amanda
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New report offers sobering view of the energy transition
Every year the Statistical Review of World Energy offers a behemoth of data on the state of the global energy market. This year’s findings highlight the world’s insatiable demand for energy and the need to speed up the pace of decarbonisation.
Here are our four main takeaways from this year’s report:
Fossil fuel consumption — and emissions — are at record highs
Countries burnt record amounts of oil and coal last year, sending global fossil fuel consumption and emissions to all-time highs, the Energy Institute reported. Oil demand grew 2.6 per cent, surpassing 100mn barrels per day for the first time.
Meanwhile, the share of fossil fuels in the energy mix declined slightly by half a percentage point, but still made up more than 81 per cent of consumption.
The Big Oil Reality Check report finds that the climate pledges and plans of 8 international oil and gas companies fail to align with international agreements to phase out fossil fuels and to limit global temperature rise to 1.5ºC.
Publication May 2021
IEA publication, May 2024
Critical minerals, which are essential for a range of clean energy technologies, have risen up the policy agenda in recent years due to increasing demand, volatile price movements, supply chain bottlenecks and geopolitical concerns. The dynamic nature of the market necessitates greater transparency and reliable information to facilitate informed decision-making, as underscored by the request from Group of Seven (G7) ministers for the IEA to produce medium- and long-term outlooks for critical minerals.
The Global Critical Minerals Outlook 2024 follows the IEA’s inaugural review of the market last year. It provides a snapshot of industry developments in 2023 and early 2024 and offers medium- and long-term outlooks for the demand and supply of key energy transition minerals based on the latest technology and policy trends.
The report also assesses key risks to the reliability, sustainability and diversity of critical mineral supply chains and analyses the consequences for policy and industry stakeholders. It will be accompanied by an updated version of the Critical Minerals Data Explorer, an interactive online tool that allows users to explore the latest IEA projections.
Science Publication
Global projections of macroeconomic climate-change damages typically consider
impacts from average annual and national temperatures over long time horizons1–6
.
Here we use recent empirical fndings from more than 1,600 regions worldwide over
the past 40 years to project sub-national damages from temperature and precipitation,
including daily variability and extremes7,8
. Using an empirical approach that provides
a robust lower bound on the persistence of impacts on economic growth, we fnd that
the world economy is committed to an income reduction of 19% within the next
26 years independent of future emission choices (relative to a baseline without
climate impacts, likely range of 11–29% accounting for physical climate and empirical
uncertainty). These damages already outweigh the mitigation costs required to limit
global warming to 2 °C by sixfold over this near-term time frame and thereafter diverge
strongly dependent on emission choices. Committed damages arise predominantly
through changes in average temperature, but accounting for further climatic
components raises estimates by approximately 50% and leads to stronger regional
heterogeneity. Committed losses are projected for all regions except those at very
high latitudes, at which reductions in temperature variability bring benefts. The
largest losses are committed at lower latitudes in regions with lower cumulative
historical emissions and lower present-day income.
Science Publication: The atlas of unburnable oil for supply-side climate poli...Energy for One World
Nature Communication, Publication 2024
To limit the increase in global mean temperature to 1.5 °C, CO2 emissions must
be drastically reduced. Accordingly, approximately 97%, 81%, and 71% of
existing coal and conventional gas and oil resources, respectively, need to
remain unburned. This article develops an integrated spatial assessment
model based on estimates and locations of conventional oil resources and
socio-environmental criteria to construct a global atlas of unburnable oil. The
results show that biodiversity hotspots, richness centres of endemic species,
natural protected areas, urban areas, and the territories of Indigenous Peoples
in voluntary isolation coincide with 609 gigabarrels (Gbbl) of conventional oil
resources. Since 1524 Gbbl of conventional oil resources are required to be left
untapped in order to keep global warming under 1.5 °C, all of the above-
mentioned socio-environmentally sensitive areas can be kept entirely off-
limits to oil extraction. The model provides spatial guidelines to select
unburnable fossil fuels resources while enhancing collateral socio-
environmental benefits.
This document is a report from the Inter-agency Task Force on Financing for Development summarizing the current state of financing for sustainable development. It finds financing gaps have increased to $4 trillion annually for developing countries. Progress on reducing poverty and hunger has stalled or reversed in some cases. Many developing economies face high debt burdens, exacerbating financing challenges. The report calls for $500 billion in additional annual investments in sustainable development and climate action through measures like development bank reforms, debt relief for vulnerable countries, and international financial system reforms to better support developing countries in achieving the SDGs. It will help inform discussions at the upcoming Fourth International Conference on Financing for Development.
This report analyzes global trends in corporate sustainability policies and practices. It finds that nearly 10,000 listed companies representing $85 trillion in market capitalization disclosed sustainability information in 2022. Most large companies report greenhouse gas emissions and set reduction targets, though target baselines are often missing. The report also examines board oversight of sustainability issues, executive compensation linked to ESG metrics, corporate lobbying activities, and stakeholder engagement practices. It concludes by recommending flexibility in disclosure standards and increased assurance of sustainability reports.
European Court of Human Rights: Judgment Verein KlimaSeniorinnen Schweiz and ...Energy for One World
The European Court of Human Rights found Switzerland in violation of its obligations under the European Convention on Human Rights to protect citizens from climate change. The Court ruled that Article 8, the right to respect for private and family life, includes protection from serious adverse effects of climate change. However, it found the individual applicants did not have standing, while the applicant association representing over 2,000 older women did have standing. The Court also found Switzerland violated Article 6 by failing to properly consider the association's complaints in domestic courts. Overall, Switzerland failed to implement sufficient legislation and measures to meet its climate change targets in line with its international commitments.
Presentation by Julie Topoleski, CBO’s Director of Labor, Income Security, and Long-Term Analysis, at the 16th Annual Meeting of the OECD Working Party of Parliamentary Budget Officials and Independent Fiscal Institutions.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
The Power of Community Newsletters: A Case Study from Wolverton and Greenleys...Scribe
YOU WILL DISCOVER:
The engaging history and evolution of Wolverton and Greenleys Town Council's newsletter
Strategies for producing a successful community newsletter and generating income through advertising
The decision-making process behind moving newsletter design from in-house to outsourcing and its impacts
Dive into the success story of Wolverton and Greenleys Town Council's newsletter in this insightful webinar. Hear from Mandy Shipp and Jemma English about the newsletter's journey from its inception to becoming a vital part of their community's communication, including its history, production process, and revenue generation through advertising. Discover the reasons behind outsourcing its design and the benefits this brought. Ideal for anyone involved in community engagement or interested in starting their own newsletter.
Presentation by Rebecca Sachs and Joshua Varcie, analysts in CBO’s Health Analysis Division, at the 13th Annual Conference of the American Society of Health Economists.
Disampaikan pada FGD Kepmen Pertahanan tentang Organisasi Profesi JF Analis Pertahanan Negara
Jakarta, 20 Juni 2024
Dr. Tri Widodo W. Utomo, SH. MA.
Deputi Bidang Kajian Kebijakan dan Inovasi Administrasi Negara LAN RI
BP Energy Week 2020 : Energy Outlook 2020 presentation
1. Spencer Dale
Group chief economist
Thanks Bernard.
Let me add my welcome and thanks to everyone for joining bp week and for the
launch of this year’s Energy Outlook.
There are lots of differences to this year’s Outlook.
Not least this launch venue – in a very high-tech film studio.
I’m not sure the basement room in bp’s offices that we normally use will ever quite
feel the same again.
And I’m missing the crowd of familiar faces that normally join me for the launch.
I know watching on-line is not the same but do stay with us.
The issues surrounding the energy transition are hugely interesting and have never
been more important.
Please submit your questions as I go along for the Q+A session that follows –
always the most fun and interesting part.
And as we did last year, as part of the Q+A session we plan to conduct a poll of your
views about the energy transition – so stay tuned for that as well.
Despite all these changes, two aspects of the Outlook remain the same.
First, the Energy Outlook is still very much a team effort.
That includes the other members of the Economics team, who have been stretching
Zoom to its very limits in recent months.
1
2. As well as a host of bp colleagues from far-and-wide who have
contributed their expertise.
The Economics team holds the pen, but the insights come from right
across bp.
So, a huge thanks to all those involved.
Second, the purpose of the Outlook has not changed.
In particular, the role of the Energy Outlook is not to predict or forecast
how the energy system is likely to change over time.
All the scenarios discussed in this year’s Outlook will be wrong.
We can’t predict the future.
Moreover, we know we can’t predict the future.
Rather, the role of the Outlook is to help better understand the range
of uncertainty we face.
Which developments seem pretty similar across a range of scenarios?
And which are highly dependent on the precise policy or technology
assumptions made?
Improving our understanding of this uncertainty is important input into
designing a strategy that is robust and resilient to the range of different
outcomes we may face.
As Bernard said – that’s why we’re launching this year’s Outlook as
part of bp week, which is looking in depth at bp’s new strategy.
A key part of bp’s new ambition is also to help the world get to net
zero.
In that context, I hope this year’s Outlook will be of use to others who
are seeking ways to accelerate the energy transition and get to net
zero.
So lots of new analysis in this year’s bumper booklet.
If we start to take a peek inside……
1
4. BAU is broadly comparable to last year’s “Evolving Transition
Scenario”.
Primary energy demand increases over the next 10-to-15 years in
Rapid and Net Zero before broadly plateauing, as gains in energy
efficiency accelerate further.
In contrast, energy demand grows over the entire outlook in BAU.
In all three scenarios, the growth in energy demand is driven entirely
by emerging economies, as prosperity and living standards improve.
In the main booklet, we describe how it’s possible to compare these
carbon pathways with the range of scenarios included in the 2019
IPCC Report…
…where this pink swathe shows the range of IPCC scenarios judged
to be consistent with maintaining temperature rises well below 2oC….
…. and the blue swathe, the range of scenarios consistent with
maintaining temperature rises below 1.5oC.
As you can see, Rapid is broadly in the middle of the pink “well below
2oC” swathe.
For Net Zero, the initial pace of decline in carbon emissions is outside
the “below 1.5oC” swathe, but by the second half of the Outlook, it
falls to the lower half of that range.
As always, the full booklet contains lots more than I can do justice to
today.
So, if today’s discussion whets your appetite, please do go on-line and
delve deeper.
Today’s discussion is built around eight questions.
Although there are many, many questions surrounding the energy
transition, but most of my discussions with Bernard, Giulia and the rest
of the strategy team over the past year as the new strategy has been
developed have revolved around these eight questions:
2
6. common across all three of the scenarios.
Although the three scenarios – Rapid, Net Zero and BAU - are by no
means comprehensive, they do span a wide spectrum of possible
transition paths and outcomes.
As such, if some features of the energy transition are common across
all three scenarios, that may give us some confidence that they might
materialise in some shape or form.
In that context, three features in particular are worth highlighting.
3
8. for fossil fuels; increasing share of renewable energy; supported by the
growing electrification of the energy system.
Another way into this question of “What DO we know” – rather than
identify common trends – is to ask how the structure of the energy
system may change, if, and when, there is a sustained transition to a
lower-carbon energy system?
4
10. This more diversified fuel mix will also increase the need for integration
across different energy sources and carriers.
Linking back to the previous chart, the growing differentiation is further
enhanced in Rapid by the increasing importance of electricity and, to a
lesser extent, hydrogen.
These energy carriers are more costly and inefficient to transport long
distances than traditional hydrocarbons, causing energy markets to
become more localised.
The increasing diversification of the fuel mix also leads to greater
competition, both across different forms of energy as they compete
for market share, and within individual fossil fuels, as resource owners
compete to ensure their energy resources are produced against a
backdrop of falling demand.
This heightened competition increases the bargaining power of
consumers, with economic rents shifting away from traditional
upstream producers.
To repeat: the precise timing and extent of these changes will vary
across different scenarios.
But a transition to a lower-carbon energy system – if, and when, it
happens – seems likely to be characterised by at least some of the
generic features highlighted in Rapid:
(i) a more diversified fuel mix driven by customer choice, supported by
increased levels of integration across fuels,
(ii) increasingly localised energy markets, and
(iii) growing competition with economic rents shifting away from the
upstream.
That’s all I wanted to say on this first question.
5
13. As shown in the green bars, the impacts from the virus are most
pronounced on oil demand, reducing consumption by around 3 Mb/d in
2025 and 2 Mb/d in 2050.
The greater impact on oil demand largely reflects the disproportionate
impact of the virus on emerging economies, which are the principle
source of oil demand growth over the Outlook….
….and – to a lesser extent – the impact of the behavioural changes
which are concentrated in the transport sector.
Although the assumed impacts from Covid-19 don’t change the
fundamental shape of any of the scenarios, three other points are
worth highlighting.
First, the impact of Covid-19 on oil demand means that in both Rapid
and Net Zero, the level of demand never recovers to its pre-crisis level.
As such, the pandemic has the effect of bringing forward the implied
peaking in oil demand to 2019 in both Rapid and Net Zero.
The same is also true for the profile of “carbon emissions from energy
use”, which also peaks in 2019 in both Rapid and Net Zero.
Second, there is considerable risk that the impact from Coronavirus
may be greater than the central assumption.
The main booklet considers an alternative case – shown here in the
right-hand chart - in which Covid-19 reduces the level of global GDP by
4% in 2025 and by almost 10% in 2050, with correspondingly bigger
impacts on the demand for energy.
Third, it’s possible that the fragilities exposed by Covid-19, together
with the growing commitment to build back better – supported by
unprecedented levels of government intervention – may help to
accelerate the energy transition.
That possibility is not explored explicitly in the Outlook – which doesn’t
attach weights to the different scenarios – but if that were the case,
the impact of Covid-19 on the future energy system could be far more
substantial.
7
17. especially in major cities and towns where the use of robotaxis is
concentrated.
As you can see from the slide on the right, the competitiveness of
robotaxis, combined with their greater intensity-of-use, means that by
the early 2040s in all three scenarios, they account for between 40-
50% of passenger car kilometres powered by electricity.
The nature of the mobility revolution – particularly with the emergence
of autonomous vehicles – means electrification is likely to go hand-in-
hand with the increasing importance of shared-mobility services.
That’s the interaction of oil demand with the mobility revolution…
10
27. these two scenarios.
These levels of investment in wind and solar power may seem eye-
bogglingly high. But it’s worth noting that they are roughly equivalent
to only around 3% of total global business investment in 2019.
So, they are perfectly achievable if there is sufficient collective will and
support.
And there is more analysis of the investment implications of the
different scenarios in the main booklet.
17
38. If the required reductions in carbon emissions cannot be met through
energy efficiency or fuel switching, the only other way they can be
achieved in this scenario is via widespread energy rationing.
That is, policies which stop or restrict energy-using outputs or activities
– generating significant economic costs and disruption.
Now, in reality, other options may be possible rather than outright
rationing, such as various negative emissions technologies.
But the general point is that, the existence of a finite carbon budget,
means that the longer the world continues on an unsustainable path
and decisive action is delayed, the more costly and disruptive the
eventual pathway is likely to be.
The famous adage by Rudi Dornbusch was based on an earlier
observation from the American economist Harold Stein, which states
that “if something cannot go on forever, it will stop.”
When applied to the current unsustainable path of the global energy
system, Stein’s law has pretty clear and important implications.
Sometimes the simplest observations, can be the most insightful.
27
39. Spencer Dale
Group chief economist
That all I wanted to say on the eight questions in this whistle stop tour of the new
Energy Outlook.
To conclude.
This year’s Outlook has changed in several respects.
It has been extended to 2050 to include the period in which – at least in some
scenarios – the pace of transition really accelerates.
And the range of scenarios explored in detail has been expanded to help build a
clearer sense of the range of uncertainty surrounding the future of the energy
system.
That span of uncertainty – and common trends across the scenarios – have helped to
inform some core beliefs that underpin bp’s new strategy.
Core beliefs as to how the structure of energy demand may change over the next 30
years: with the role of fossil fuels diminishing, offset by the increasing importance of
renewable energy and electricity.
And core beliefs as to how the structure of energy markets may evolve as the world
transitions to a low-carbon energy system: with a more diverse energy mix, greater
consumer choice, more localised energy markets, and increasing levels of integration
and competition.
Bernard, Giulia and the rest of the leadership team will be coming back to these core
beliefs over the next few days as they discuss the new strategy in more detail.
I’ve been able to provide only a brief glimpse of the analysis in this year’s Outlook.
28
40. So if you have time, please do take a look at the full booklet.
And, also please let us know what you think.
We are all very aware of the huge uncertainty surrounding the energy
transition and the future of energy markets, so any feedback on the
analysis and – even better – how it could be improved would be very
welcome.
28