bp’s Energy Outlook 2022 uses three main scenarios (Accelerated, Net Zero, and New Momentum) to explore the range of possible pathways for the global energy system to 2050 and help shape a resilient strategy for bp.
The scenarios are not predictions of what is likely to happen or what bp would like to happen. Rather, the scenarios taken collectively are used to explore the range of possible outcomes over the next 30 years.
The pace and extent of decarbonization in Accelerated and Net Zero are broadly aligned with a range of IPCC scenarios which are consistent with maintaining global average temperature rises to well below 2°C and 1.5°C respectively.
Global energy demand measured at the final point of use (total final consumption, TFC) peaks in all three scenarios as gains in energy efficiency accelerate. TFC peaks in the early 2020s in Net Zero, around 2030 in Accelerated and in the mid-2040s in New Momentum. By 2050, TFC is 10-25% lower in Accelerated and Net Zero than 2019 levels and around 15% higher in New Momentum.
We aim to be a very different kind of energy company by 2030 as we scale up investment in low carbon, focus our oil and gas production and make headway on reducing emissions
Spencer Dale talks through the energy sector’s role in helping the world achieve the Paris Climate Agreement goals
We aim to be net zero on our operational emissions and the carbon associated with the oil and gas we take out of the ground