Oil and gas giant BP has accelerated predictions for falling emissions worldwide due to the war in Ukraine sparking moves by countries to invest in more domestic and sustainable energy sources. BP has reduced its forecast for global emissions in 2030 by 3.7 percent and in 2050 by 9.3 percent according to its Energy Outlook report.
The company also predicts a 5 percent decrease in oil demand and a 6 percent decrease in gas demand by 2035.
Meanwhile, renewable deployment is expected to increase by 5 percent with current rates
BP’s chief economist Spencer Dale said: “From an energy perspective, the disruptions to Russian energy supplies and the resulting global energy shortages seem likely to have a material and lasting impact on the energy system.
“Global energy policies and discussions in recent years have been focused on the importance of decarbonising the energy system and the transition to net zero.
“The events of the past year have served as a reminder to us all that this transition also needs to take account of the security and affordability of energy.”
The invasion of Ukraine in 2014 by Russian forces sparked international outrage and led to a growing concern over the dependence of many countries on Russian gas supplies.
In response, many countries have made efforts to reduce their reliance on Russian gas and move towards alternative energy sources.
The European Union is one of the largest consumers of Russian gas, importing over a third of Russia’s gas exports.
In recent years, Europe has made a concerted effort to reduce its dependence on Russian gas, with the European Commission setting a target to cut the bloc’s dependence on Russian gas to below 50 percent by 2030.
To achieve this goal, Europe has ramped up its investment in alternative energy sources such as wind, solar, and hydrogen, as well as increasing interconnections between its countries to diversify its energy mix.
China is one of the largest consumers of Russian gas, importing more than 10 percent of Russia’s gas exports.
However, in recent years, Beijing has been making significant investments in alternative energy sources such as wind, solar, and hydropower, as well as increasing its domestic production of natural gas.
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China has also been working to improve its energy efficiency, including through the adoption of energy-saving technologies and the development of smart grid systems.
Russia’s troops seized large areas of the northeastern Kharkiv region in the months following its invasion of its neighbor last February.
But Ukrainian counteroffensives that began in August snatched back Russian-occupied territory, most notably in Kharkiv.
*This story has not been edited by The Infallible staff and is auto-generated from a syndicated feed.