The Russian-Ukrainian war is expected to place a long-term burden on energy demand and will drive a global shift towards renewable or clean energy and low-carbon energy. Countries have also boosted domestic energy supplies.
The reason for the increase in clean energy consumption is due to rising oil prices, especially in Europe, which has suspended oil and gas supplies from Russia. This is according to the report on the energy outlook for 2023 of the British energy company BP.
The war in Ukraine will slow global economic activity by 2035 by about 3% compared to last year's forecast due to rising energy and food prices, as well as reduced trade activity.
BP has lowered its oil and gas demand forecast for 2035 to 5% and 6% from its forecast scenario based on the current energy conversion project. This shift is most concentrated in Europe and Asia, which are heavily dependent on energy imports.
Global energy demand peaked between late 2020 and 2035. BP CEO Bernard Looney aims to accelerate the renewable energy business and reduce oil and gas production by 2030.
However, global energy trade routes have changed dramatically since the outbreak of the war in Ukraine, especially after Moscow suspended natural gas exports to Europe, while Europe also suspended oil imports from Russia.
At the same time, rising global energy prices last year have prompted governments to boost domestic energy production, including nuclear power, renewable energy, hydropower and coal. BP expects primary energy consumption by 2035 to be 2% lower than last year.
According to BP, demand for oil will begin to decline sharply after 2030, but it will continue to play an important role in the global energy system, with global demand reaching 70 to 80 million barrels per day by 2035 compared to consumption. Currently about 100 million barrels per day. Carbon dioxide emissions by 2030 are also expected to be lower.
Why is the war in Ukraine pushing the world to use more clean energy ...?
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