“Explosive” Growth of Wind and Solar Will Reduce Oil Consumption Much Faster Than Expected

Actions against climate change are stronger, and the British multinational oil and gas company BP is changing its energy outlook. Indeed, as per their Carbon Brief analysis, the “peak oil” demand they expected in 2035 happened… last year.

BP has always had a “net-zero” scenario as it wishes to be known as an “integrated energy company” rather than an oil major by 2050. In the most recent one, the CO2 emissions will drop by more than 95% by that year.

It is estimated that the demand for coal will drop by 90% in 2050. As for gas, by 2050, the demand should be 36% less than it was in 2019.

The COVID-19 pandemic has altered behaviors, notably the reality of working from home, but has also changed the public’s perception of fossil fuels and green alternatives. The Carbon Brief analysis notes that over the next three decades, wind and solar will experience explosive growth, pushing the oil major to raise the bar for renewables and cutting the prospects for fossil fuels.