Urgent shift to low carbon needed to avert costly emissions crisis.

The BP Energy Outlook 2024 underscores the urgency of accelerating the energy transition to meet global climate goals while ensuring energy security and affordability.

The report emphasizes that while progress is being made, much more is needed to align with global climate targets.

Key Scenarios:

• Current Trajectory: Continues along the current path with existing policies, leading to a peak in CO2 emissions in the mid-2020s and a 25% reduction by 2050. Fossil fuels remain dominant, making up two-thirds of the energy mix by 2050.
• Net Zero: Aims for a 95% reduction in carbon emissions by 2050, requiring significant policy shifts, technological advancements, and a drastic reduction in fossil fuel use, replaced by wind, solar, and hydrogen.

Read in detail the report!

https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/energy-outlook/bp-energy-outlook-2024.pdf