Hydrocarbon Demand Continues Despite Rise of EVs
"We have a rapid scenario that sees at least a 70% emission reduction in line with a Paris Accord scenario,” BP chief U.S. economist Michael Cohen said. "That rapid scenario sees oil demand plateauing in the 2020s”.
Edited by Margo Ellis
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According to Michael Cohen, chief U.S. economist for bp, an abundance of change is currently happening in the energy industry.
“Clearly, over the course of the past 150 years, the energy system has been predicated on cheap and abundant fuels, and all of that is getting turned on its head,” Cohen said. “Right now, and over the course of the next 30 years, we see electrification happening across all different segments of the energy system.”
Discussing the insurgence of electric vehicles (EVs) in global markets during CERAWeek by S&P Global, Cohen said bp is ensuring that it is ready for that transition by taking a three-pronged approach.
“No. 1 is convenience and mobility, No. 2 is low-carbon energy, and No. 3 is resilience and hydrocarbons,” Cohen said.
The convenience and mobility segment supplies roughly a quarter of the EBITDA growth after 2030, Cohen explained, and part of that is on the “very clear focus” of electrification.
Read the full Business & Industry Connection article here.
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