BP Energy Outlook trumped by inspired vision

BP’s annual Energy Outlook has played poor cousin to BP’s announcement of a new and rapid commitment to a clean energy future.

Released on the opening morning of BP Week 2020, the report explores the forces shaping the global energy transition out to 2050 and the key uncertainties surrounding that transition.

Usually the report is released early in the year however was deferred to take in the implications of COVID-19 across the world.

The report is usually pretty matter of fact, not applying any discernible political spin.

This year the release of the report was preceded by BP chief executive Bernard Looney who outlined the international energy giant’s new strategy and commitment to help the world get to net zero emissions.

Mr Looney said BP is committed to bringing forward the phase out of sales of new petrol and diesel vehicles.

“It can, and should, be brought in sooner than 2040,” he said.

“Whether that is 2035, 2032 or 2030 – we are up for it – and importantly up for the measures and supporting policies to boost electrification and hydrogen in transport that would make it possible.”

Mr Looney outlined big changes to be achieved by 2030 starting with no fossil-fuel exploration in new countries.

“A 10-fold increase in low carbon investment to around $5 billion per year,” he said.

“A 20-fold increase in developed net renewable generating capacity, to 50 gigawatts.

“A near 10-fold increase in EV charging points to over 70,000.

“A 40% reduction in oil and gas production – becoming more focused, more resilient and higher value.

“First and foremost, our new strategy is going to transform bp into a very different company” he added.

“Not overnight, given our size and scale.

“But fast, because the world needs change. And importantly – we want to be part of that change.”