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Home | Ukraine war to accelerate shift to clean energy, BP says

Posted 2 months ago | 3 minute read

Ukraine war to accelerate shift to clean energy, BP says

The war between Russia and Ukraine is expected to weigh on long-term energy demand and accelerate the world’s shift towards low-carbon power as countries seek to increase domestic energy supplies, BP has said.

In its latest Energy Outlook, published on 30 January, BP noted that, 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. But this is fuelling the desire of countries to bolster their energy security by reducing their dependency on imported energy.

The heightened focus on energy security increases demand for domestically produced renewables and other non-fossil fuels, helping to accelerate the energy transition. The structure of energy demand changes, with the importance of fossil fuels declining, replaced by a growing share of renewable energy and by increasing electrification. As a result, government support for the energy transition has increased across the world, including the passing of the Inflation Reduction Act in the US. But BP said that the scale of the decarbonisation challenge suggests greater support is required globally, including policies to facilitate quicker permitting and approval of low-carbon energy and infrastructure.

The report also predicted:

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