Energy Outlook 2022 is focussed on three main scenarios: Accelerated, Net Zero and New Momentum. These scenarios are not predictions of what is likely to happen or what bp would like to happen. Rather they explore the possible implications of different judgements and assumptions concerning the nature of the energy transition.
Global energy demand fell the most since World War-II during 2020 as the Covid-19 pandemic stalled global economic activity. According to the bp Statistical Review of World Energy 2021, world energy demand is estimated to have fallen by 4.5 per cent in 2020. This is steeper than the earlier projections for the year.
Growth in energy markets slowed in 2019 in line with weaker economic growth and a partial unwinding of some of the one-off factors that boosted energy demand in 2018.This slowdown was particularly evident in the US, Russia and India, each of which exhibited unusually strong growth in 2018.
BP released the 68th annual edition of the BP Statistical Review of World Energy (BP Stats Review), the most comprehensive collection and analysis of global energy data. This year's edition highlights the growing divergence between demands for action on climate change and the actual pace of progress on reducing carbon emissions.
The renewed upward march of global carbon emissions is worrying and a big step backwards in the fight against climate change, according to BP. Emissions rose 1.6% in 2017 after flatlining for the previous three years, which the British oil firm said was a reminder the world was not on track to hit the goals of the Paris climate deal.
The Energy Outlook considers the energy transition from three different viewpoints (sectors, regions and fuels) and by exploring a number of different scenarios.
The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as they also adapt to nearer-term price challenges.
According to this report, India’s consumption growth of fossil fuels will be the highest by 2035 and it will overtake China as the largest growth market for energy in volume terms by 2030.
