The CEO of BP says that every year must come with similar lockdown conditions for the coming two decades to reach net-zero emissions by 2050. The company notes that the economy is recuperating from the COVID-19 pandemic after a statistical review of the global energy. The firm identifies the future growth of renewable energy in solar and wind technology.
Coal consumption drop is on the rise with the expedite transition to renewable energy. Bernard Looney, the CEO of BP, says that this report does not depict the real energy picture. This thought is because coal is the most emissive fuel source but still is the largest electricity generator. On the contrary, renewable energy accounts for about 10% of global power; this indicates that this sector will need to sensitize consumers to reach the decarbonization goal.
Looney reasons with critiques that the recent carbon emissions are going to be alarming and advise the world to be easygoing on the transition to renewables. Looney further highlights that the forecasted trend that the introduction of renewable energy will minimize gasoline consumption is a facade. Petrol consumption is still high since consumers own subsequent cars.
The coronavirus induced lockdown proves to be effective in lowering carbon emissions since most people are indoors. The IEA estimates a 2.6 gigaton drop in carbon emissions since most of the car owners are under the shelter-in-place order. This reduction is six times bigger than the initial since the end of the Second World War. Looney warns that this drop is a mere statistic and that the values will rise once everything retrieves its normalcy.
Looney speculates that to achieve net zero-emissions by 2050 will imply a behavioral transition and abandonment of the fuel cars. The success of this plan will mean that electric vehicles replace petrol cars in totality. Also, BP is unhappy to layoff over 10000 workers to cover the coronavirus impact. Greenpeace activists say that they will protest further in front of BP headquarters until they yield in and shift to renewable energy.
Finally, Mr. Looney says that BP will work towards net-zero and, at the same time, progress in the oil and gas market. He declares that they don’t intend to leave the oil market any soon and will drill more oil and gas reserves. Greenpeace’s Mel Evans criticizes Looney telling him that he cannot have it all, he has to choose one side.