Fossil fuel consumption is set to shrink for the first time in modern history as climate policies boost renewable energy while the coronavirus epidemic leaves a lasting effect on global energy demand, BP said in a forecast.
FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/
London-based BP expects global economic activity to only partially recover from the epidemic over the next few years as travel restrictions ease. But some “scarring effects” such as work from home will lead to slower growth in energy consumption.BP this year extended its outlook into 2050 to align it with the company’s strategy to slash the carbon emissions from its operations to net zero by the middle of the century.
Under its central scenario, BP forecasts COVID-19 will knock around 3 million barrels per day off by 2025 and 2 million bpd by 2050. “ would be an unprecedented event,” Dale said. “Never in modern history has the demand for any traded fuel declined in absolute terms.”
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