New Energy
BP Warns of ‘Disorderly’ Clean-Energy Transition Amid Record Fossil Fuel Use
- Carbon budget to limit warning may be spent by early 2040s
- Reductions in energy intensity ‘disappointing’, slowing to 1%
A chimney emits vapor at the Scholven coal-fired power plant operated by Uniper SE, beyond a wind turbine and the Ruhr oil refinery operated by BP Gelsenkirchen GmbH, a subsidiary of BP Plc, in Gelsenkirchen, Germany.
Photographer: Alex Kraus/BloombergThe world is shifting too slowly from fossil fuels to avoid severe climate change, increasing the risks that the eventual transition to clean energy will be “disorderly,” BP Plc warned.
Fossil fuel consumption broke records last year, led by climbing oil demand, the company said in its annual Energy Outlook on Wednesday. Countries remain in an “energy addition” phase — increasing their consumption of both low-carbon energy and fossil fuels — and need to pivot to a “substitution” phase, it said.