Connect with us

World

BP sees self-driving electric vehicles squeezing oil demand by 2040

Published

on

London-based BP joined other oil companies such as Royal Dutch Shell in forecasting a peak for oil demand in the late 2030s, when it is expected to slightly decline at around 110 million bpd.

It did not foresee a peak in demand in its previous outlooks that stretched into 2035.

While the transportation sector will continue to dominate the growth in oil consumption, demand for plastic manufacturing will become the main source of growth in the 2030s.

Oil companies such as BP, Shell and France’s Total are betting on growing demand from the petrochemical sector in the coming decades.

Dale however said changes in regulations for plastics consumption such as stringent policies on plastic bags and packaging could dent oil demand by as much as 2 million bpd, roughly the same as the impact of EVs.

Overall energy demand will continue to grow in the coming decades, rising by a third into 2040, or roughly 1.3 percent per year, driven by growth in China and India, but the world is learning to “do more with less energy” as economies become more efficient, Dale said.

For example, the European Union’s gross domestic product is set to treble in 2040 from 1975 but the level of energy demand will be the same.

China’s energy demand will continue to grow but at a slower pace by the 2030s, when India will become the main driver of growth.

BP once again revised upwards its forecast for growth in renewable power, which is set to grow by 40 percent by 2040, with its share in the energy mix increasing from 4 percent to 14 percent.

The revision is due to technological gains as well as more aggressive government policies, particularly in India and China.

“There is plenty of scope for policy to continue to surprise us” to further boost the growth in the renewables, Dale said.

Source link

World

New mandates, a close White House tie and big challenges ahead

Published

on

Continue Reading

World

China sanctions Pompeo, O’Brien, Azar and other Trump administration officials

Published

on

U.S. Secretary of State Mike Pompeo speaks during a press conference at the Great Hall of the People on June 14, 2018 in Beijing, China.

Lintao Zhang | Getty Images

WASHINGTON – The Chinese government slapped sanctions on former Secretary of State Mike Pompeo, former National Security Adviser Robert O’Brien and former trade adviser Peter Navarro, along with other members of the Trump administration Wednesday.

“Over the past few years, some anti-China politicians in the United States, out of their selfish political interests and prejudice and hatred against China and showing no regard for the interests of the Chinese and American people, have planned, promoted and executed a series of crazy moves which have gravely interfered in China’s internal affairs, undermined China’s interests, offended the Chinese people, and seriously disrupted China-U.S. relations,” wrote the Ministry of Foreign Affairs in a statement.

“China has decided to sanction 28 persons who have seriously violated China’s sovereignty and who have been mainly responsible for such U.S. moves on China-related issues,” the statement also said.

The Chinese government also named former deputy national security adviser Matthew Pottinger, former Health and Human Services Secretary Alex Azar, former U.S. Ambassador to the United Nations Kelly Craft, assistant Secretary of State for East Asian and Pacific Affairs David Stilwell and under Secretary of State for Economic Growth, Energy, and the Environment Keith Krach.

Former national security adviser John Bolton and Stephen Bannon were also sanctioned Wednesday.

“These individuals and their immediate family members are prohibited from entering the mainland, Hong Kong and Macao of China. They and companies and institutions associated with them are also restricted from doing business with China,” wrote the Ministry of Foreign Affairs in a statement.

US President Donald Trump (L) and China’s President Xi Jinping shake hands at a press conference following their meeting outside the Great Hall of the People in Beijing.

Artyom Ivanov | TASS | Getty Images

The crumbling relationship between Washington and Beijing intensified under the Trump administration following an attempt from the world’s two largest economies to mend trade relations.

Chinese Foreign Ministry spokeswoman Hua has previously said the Trump administration “is pressing the accelerator to trash China-U.S. relations.”

“Certain U.S. politicians are so irresponsible that they will say whatever needs to be said to make China a target,” she added last summer.

Her comments followed a blistering speech by then-U.S. Attorney General Bill Barr in which he accused the Chinese government of human rights abuses, espionage and economic blitzkrieg.

“The People’s Republic of China is now engaged in an economic blitzkrieg—an aggressive, orchestrated, whole-of-government campaign to seize the commanding heights of the global economy and to surpass the United States as the world’s preeminent superpower,” Barr said during a July 16 speech.

In June, O’Brien slammed China for a laundry list of offenses before saying that “the days of American passivity and naivety regarding the People’s Republic of China are over.”

Pompeo, who has previously described Huawei and other Chinese state-backed businesses as “Trojan horses for Chinese intelligence.” In July, Pompeo announced that the U.S. was looking at banning TikTok as well as other Chinese social media apps, citing national security concerns.

The Trump administration has also squarely placed blame on China for the deadly health crisis caused by the coronavirus

Source link

Continue Reading

World

EU chief says Biden on the same page over Big Tech regulation

Published

on

Continue Reading

Trending