Russia-Ukraine war has accelerated energy transition - BP

Russia's ongoing war in Ukraine has shifted the world's focus to energy security and increased the pace of the energy transition, UK oil supermajor BP said in its latest energy outlook.

PHOTO: BP's Clair Ridge platform in the UK North Sea. BP

Countries are now seeking to scale up domestic energy production, and a major chunk of this will be come from renewables and non-fossil fuels. BP emphasises that switching from conventional to alternative fuels should be done in a planned manner to guarantee sufficient supply to meet current and future demand.

It expects the war in Ukraine to have long-lasting effects on global energy markets. The transition to alternative fuels will have to be made up of a blend of different energy sources and technologies, including low-carbon hydrogen, advanced biofuels and carbon capture technologies, BP says in the report.

For the next 15-20 years, BP anticipates that fossil fuels will remain the main energy sources.

The oil supermajor asserts that decarbonisation will require greater support from governments. It thinks decarbonisation challenges can be resolved with speedy policymaking and approvals of low-carbon fuels and infrastructure.

By Nithin Chandran

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