Oil Economy Focus Rapid Review
BP has become the first oil major to set a net-zero carbon emissions target by 2050. It is unclear, however, how fast the world will move away from oil, natural gas, and coal and embrace renewable power such as solar, wind, and biofuels. According to BP Chief Economist Spenser Dale, under the most aggressive net-zero scenario global oil demand could fall from 100 million bpd to 25 million bpd by 2050 when renewable energy could represent as much as 60% of the global energy mix.
LINK TO THE SOURCE ARTICLE: How oil and gas giant BP is preparing for the energy transition
