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Russia’s War in Ukraine is Accelerating the Shift Away From Oil and Gas, BP Says

  • Countries want more local, renewable sources of energy
  • The energy transition is going too slowly to hit climate goals
Cranes and scaffold towers at the construction site of gravity-based wind turbine foundations for the Fecamp offshore wind farm at the Bouygues SA works in Le Havre, France, on Monday, April 11, 2022. 

Cranes and scaffold towers at the construction site of gravity-based wind turbine foundations for the Fecamp offshore wind farm at the Bouygues SA works in Le Havre, France, on Monday, April 11, 2022. 

Photographer: NL/JM/Bloomberg
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Russia’s war in Ukraine will accelerate the shift away from oil and gas as countries around the world prioritize domestic renewable energy sources as a way to increase security of supply while also cutting carbon emissions. 

That’s the conclusion from the latest annual energy outlook from the economists at BP Plc. The oil major sees a much sharper decline in demand for fossil fuels in 2035, compared with its analysis conducted before last year’s invasion.