Global energy future needs to be sustainable

The global energy transition will depend mainly on the reduction of hydrocarbons and the drive for electrification.

An analysis by BP Energy Outlook points out that the trend in energy change is based on four axes: the gradual reduction of hydrocarbons, a rapid growth of renewable energies, the electrification of the world, and the development and use of hydrogen for activities that are difficult to electrify.

The role of hydrocarbons is diminishing as the world transitions to lower-carbon energy sources.

All the outlooks show that this would be the first time in modern history to see a sustained drop in demand for any fossil fuel, according to BP Energy Outlook.

Also, the rate at which renewable energy is penetrating the global energy system is faster than any previous fossil fuel.

Angélica Ruiz, BP's vice president for Latin America, explained that the future of hydrocarbons is to migrate to a more sustainable production, so oil companies will become integral companies in energy solutions.

"The energy transition in the hydrocarbon sector continues to be a central part in most economies, we think that hydrocarbon production now has to focus on the energy dilemma that is sustainable hydrocarbons, with fewer emissions and accessible," she said in the presentation of the report.