A global oil and gas giant predicts a quick transition to clean energy against the backdrop of Russia’s war against Ukraine.

According to the multinational oil and gas company BP, Russia’s war against Ukraine will put pressure on long-term energy demand and accelerate the world’s transition to RES and low-carbon energy. The company’s Energy Outlook for 2023 notes that Russia’s war against Ukraine will slow global economic activity by about 3% through 2035 due to high food and energy prices and reduced trade activity. For example, BP lowered its forecast for oil and gas demand in 2035 by 5% and 6%, respectively. The changes will mainly concern Europe and Asia, which are primarily dependent on importing energy resources. BP CEO Bernard Looney believes it is necessary to accelerate the development of the company’s business in the field of RES and reduce oil and gas production by 2030.