Recently, British Petroleum Company (BP) officially released the Chinese version of the 2023 BP World Energy Outlook. The Outlook proposes that in 2022, the disruption of Russia's energy supply and the resulting global energy shortage will have a major impact on the energy system and enhance the importance of energy supply security.

The Outlook pointed out that the importance of energy transformation has become the focus of global energy policy discussions. In recent years, carbon emissions have continued to increase and extreme weather events have become increasingly frequent, which also confirms the importance of transformation. But in the past year, the Russia-Ukraine conflict has only led to a shortage of some fossil energy supplies around the world, but global social and economic life has been greatly affected. But at the same time, as global carbon emissions are still increasing, the proportion of renewable energy must increase, and countries have also strengthened investment in renewable energy and other non-fossil energy sources.

The Outlook believes that the world needs to promote low-carbon energy transformation in an orderly manner. BP said that due to the importance of energy security, oil will continue to play an important role in the global energy system in the next 15 to 20 years. Under the Russia-Ukraine conflict, energy shortages and rising energy prices have highlighted the importance of orderly low-carbon transformation. The natural decline in existing oil and gas production also means that countries will still need to continue to invest in upstream oil and natural gas in the next 30 years.

The Outlook also pointed out that the low-carbon energy transformation also requires the rapid development of technologies such as low-carbon hydrogen, bioenergy, and carbon capture, utilization and storage (CCUS). CCUS can play a central role in achieving rapid decarbonization as a means of carbon removal and reducing emissions from fossil energy use. Low-carbon hydrogen and bioenergy help decarbonize industries and industrial production processes that are difficult to reduce emissions.