In its latest energy outlook, British energy giant BP predicts that fossil fuels as a primary energy source will decline from 80 percent in 2019 to between 55 and 20 percent in 2050, with renewables rising from 10 percent to between 35 and 65 percent.
The forecast comes as BP adjusts its expectations around the green energy transition, due to the new uncertainties brought on by the war in Ukraine.
"Global energy policies and discussions in recent years have been focused on the importance of decarbonizing the energy system and the transition to net zero," wrote BP Chief Economist Spencer Dale in a note. "The events of the past year have served as a reminder to us all that this transition also needs to take account of the security and affordability of energy."
As the report explained, energy security and affordability are competing with sustainability for countries' attention and investment dollars. BP calls this an "energy trilemma."
"Any successful and enduring energy transition needs to address all three elements of the trilemma," Dale wrote.
Yet the war in Ukraine isn't the only development changing BP's outlook. Another is the passing of the Inflation Reduction Act in the U.S., which is set to invest billions into green projects.
The most positive scenarios, in terms of the climate, that BP outlines anticipate four trends:
In all possible cases, the report forecasts that renewables will be adopted “quicker than any previous fuel in history."
A new study has been causing a lot of buzz in the cannabis industry. Researchers from Oregon State University found that compounds in cannabis could prevent infection with COVID-19, but that doesn't mean smoking marijuana prevents people from getting infected. CV Sciences medical advisor Dr. Michael Lewis joined Cheddar News' Closing Bell to discuss.
A new study published in "JAMA Pediatrics" looked at how staying home impacted the mental and physical health of students during the pandemic. The results from 11 different countries found across the board that children's mental health was affected, with increased depression and symptoms of anxiety. Cheddar News speaks with clinical psychologist Eileen Kennedy-Moore on how parents can best decide on whether to send their kids back to the classrooms during the surge of Covid-19 cases.
Food waste is a major contributor to greenhouse gas emissions in the United States. Strella Biotechnology is trying to solve the problem by introducing new technology to a business that's been around for generations -- farming. The 24-year-old CEO created hi-tech sensors that interpret the shelf life of produce and alert farmers when fruits and vegetables are ready to be sent to supermarkets. The company says the process can help farmers make money, reduce food waste and increase the quality of produce. Strella Biotechnology's co-founder and CEO Katherine Sizov and co-founder and COO Jay Jordan joined Cheddar Climate to discuss.
Adele Shraiman, Campaign Representative for the Sierra Club’s Fossil Free Finance Campaign, joins Cheddar Climate, where she explains how Wall Street and climate change are related. She also elaborates on how decisions made by financial institutions are actually hurting the ability to reduce carbon emissions.
Two reports from NASA and NOAA say that 2021 was the Earth's sixth-hottest year on record, part of a seven-year streak of the hottest years reported since the data has been recorded. Meanwhile, the U.S. experienced 20 separate billion-dollar climate-related disasters, including Hurricane Ida which cost $75 billion in its aftermath. These trends are moving upward at the same time. What could be in store for 2022? Chelsea Harvey, a reporter for E&E News, joins Cheddar Climate to discuss these federal reports, the monetary impact of climate disasters, and more.
Breakthrough Energy Catalyst, a private-public fund backed by Bill Gates, is planning to invest up to $15 billion in clean technology initiatives across the U.S., UK, and European Union. It will target four key areas and help fund large projects that otherwise would not be financially possible. Bobby Hollis, Director of Breakthrough Energy Catalyst, joins Cheddar News' Closing Bell to discuss.
Washington Post Climate Reporter Sarah Kaplan joined Wake Up With Cheddar to discuss a stark climate report that definitively shows the earth is getting warmer.
Chicago schools opened their doors again following a dispute between the teachers union and the city over as the omicron variant continues to surge, but the safety issues they fought over weren't just limited to the Windy City. Dr. Bayo Curry-Winchell, family medicine and urgent care doctor, joined Cheddar in discussing concerns of parents, teachers, and students as schools try to operate amid COVID and noted what she's been observing as the number of infections among children rises. "I am seeing them contract the illness from so many different aspects," she said. "It could be from a fellow classmate. It could be from a parent. All of those things really play in the effect of transmission as well as contracting the illness."
One startup is working to reverse climate change one seed at a time. Terraformation is a global forest accelerator that provides tools, training, financing, and business support to help scale forest restoration projects worldwide. Forests naturally absorb carbon and Terraformation says that reforestation is a safe, low-cost, and scalable solution to the climate crisis. Yee Lee, VP of growth at Terraformation, joins Cheddar Climate to discuss.
Dave Epstein, meteorologist and contributor to The Boston Globe, joins Cheddar News to discuss the arctic blast hitting the Midwest and Northeastern area.
