New Energy
Russia’s War in Ukraine is Accelerating the Shift Away From Oil and Gas, BP Says
- Countries want more local, renewable sources of energy
- The energy transition is going too slowly to hit climate goals
Cranes and scaffold towers at the construction site of gravity-based wind turbine foundations for the Fecamp offshore wind farm at the Bouygues SA works in Le Havre, France, on Monday, April 11, 2022.
Photographer: NL/JM/BloombergThis article is for subscribers only.
Russia’s war in Ukraine will accelerate the shift away from oil and gas as countries around the world prioritize domestic renewable energy sources as a way to increase security of supply while also cutting carbon emissions.
That’s the conclusion from the latest annual energy outlook from the economists at BP Plc. The oil major sees a much sharper decline in demand for fossil fuels in 2035, compared with its analysis conducted before last year’s invasion.