BP sees increasing energy sector competition

The UK company's latest energy outlook flags up more diversity, but doesn’t predict an imminent collapse in oil demand

If you want to make serious inroads in carbon emissions over the next 25 years, then focus on the power sector. That was the message from BP's chief executive Bob Dudley at the launch of the company's Energy Outlook 2018 in London. According to the annually updated report, around 70% of the increase in primary energy demand will come from the power sector. Transport will absorb a declining share, as more electric vehicles (EVs) hit the roads. That will stunt rises in petrol demand, but increase electricity demand. Under BP's "evolving transition" (ET) scenario, the impact of a 115% increase in global GDP on energy demand between 2016 and 2040—driven largely by Asia, Latin America and Africa—