(www.MaritimeCyprus.com) BP has issued its Energy Outlook report for the year 2023 considering the recent disruption to global energy supplies and associated impacts on global prices, and exploring how this could affect the energy transition out to 2050.
Energy Outlook 2023 is focused 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 judgments and assumptions concerning the nature of the energy transition and the uncertainties around those judgments. The scenarios are based on existing technologies and do not consider the possible impact of entirely new or unknown technologies.
The many uncertainties surrounding the transition of the global energy system mean that the probability of any one of these scenarios materializing exactly as described is negligible. Moreover, the three scenarios do not provide a comprehensive range of possible paths for the transition ahead. They do, however, span a wide range of possible outcomes and so help to illustrate the key uncertainties surrounding energy markets out to 2050.
The scenarios in this year’s Outlook have been updated to take account of two major developments over the past year: the Russia-Ukraine war and the passing of the Inflation Reduction Act in the US. Aside from updating for those two developments, the scenarios are based largely on the analysis and scenarios in Energy Outlook 2022. They do not include a comprehensive assessment of all the changes and developments since Outlook 2022.
The Energy Outlook is produced to inform bp’s strategy and is published as a contribution to the wider debate about the factors shaping the energy transition. But the Outlook is only one source among many when considering the future of global energy markets and BP considers a wide range of other external scenarios, analysis and information when forming its long-term strategy.
For even more details, click on below image to download the full report: