BP - Energy Outlook 2023

The bp Energy Outlook 2023 edition is a comprehensive report that explores the key trends and uncertainties surrounding the energy transition. The report provides three main scenarios to illustrate the possible implications of different judgments and assumptions. These scenarios are the Accelerated, Net Zero, and New Momentum scenarios. The report highlights the importance of addressing the energy trilemma of security, affordability, and sustainability. It notes that the carbon budget is running out, and despite the marked increase in government ambitions, CO2 emissions have increased every year since the Paris COP in 2015. The report also models the impact of the Russia-Ukraine war on energy security, economic growth, and global energy supplies. It notes that disruptions to Russian energy supplies and the resulting global energy shortages seem likely to have a material and lasting impact on the energy system. The report emphasizes the importance of decarbonizing the energy system and the transition to net zero. It also notes that any successful and enduring energy transition needs to address all three elements of the energy trilemma. Overall, the report provides valuable insights into the challenges and opportunities facing the energy sector in the coming decades.