Oil giant BP released a report Monday predicting that the world would sharply reduce its reliance on the company's signature product, oil and gas, over the next 25 years as countries hasten their transition to renewable sources of energy so as to combat climate change.
That shift means that the planet could soon reach what is commonly referred to as"peak oil," the point when global production of oil reaches its high point before entering into steady decline., BP said that fossil fuels, which it said accounted for 80% of energy usage in 2019, would fall to just 20% by 2050. What's more, the company whose industry is a driving force behind rising global temperatures, took pains to applaud the transition to cleaner forms of energy.
"The continuing rise in carbon emissions and the increasing frequency of extreme weather events in recent years highlight more clearly than ever the importance of a decisive shift towards a net-zero future," Spencer Dale, the chief economist at BP,Helping spur the transition to renewables, the report says, are actions being taken by countries like the United States to rein in greenhouse gas emissions that"Government support for the energy transition has increased in a number of...
On Monday, President Biden promoted U.S. subsidies passed in the Inflation Reduction Act designed to help consumers purchase zero-emissions electric vehicles.And now, through a tax credit, you can get up to $7,500 on a new electric vehicle.
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