This Week’s Top 5 Stories in Energy
7 April
bp’s Chairman Helge Lund will step down “most likely during 2026”, the company has said.
He has been a supporter of the company’s energy transition goals, many of which were scrapped after a downturn in profits in 2024.
Helge said: “Having fundamentally reset our strategy, bp’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value.
“Now is the right time to start the process to find my successor and enable an orderly and seamless handover.
“The board and I are committed to supporting Murray and his team, and to overseeing bp’s delivery of its strategic and financial objectives as we set out in our recent Capital Markets Update.”
The succession process is being led by Dame Amanda Blanc as Senior Independent Director with support from the wider board.
Ember: 40% of Global Electricity Was From Renewables in 2024
9 April
Global clean power generation has reached a significant milestone, exceeding 40% of worldwide electricity production.
This breakthrough, detailed in Ember's sixth annual Global Electricity Review, marks a pivotal moment in the global energy transition.
The comprehensive report, analysing electricity data from 215 countries representing 93% of global demand, shows that low-carbon power sources reached 40.9% of the global electricity mix in 2024, up from 39.4% in 2023.
Renewable energy sources delivered a record-breaking performance, adding 858 TWh of generation in 2024 – 49% higher than the previous record set in 2022.
IEA: AI’s Rising Power Demand Sparks Global Energy Debate
10 April
AI is transforming more than just digital systems — it is fast becoming one of the most powerful forces reshaping global energy.
As its development accelerates, its influence on electricity demand, infrastructure planning and sustainability policy has become too vast to overlook.
In response, the International Energy Agency (IEA) has published its inaugural 'Energy and AI' report, marking the first comprehensive global review of how AI intersects with energy systems.
IEA Executive Director Dr Fatih Birol says: “In recent years, AI has soared to the top of the political and business agenda. Once a mostly academic pursuit, it has evolved into an industry with trillions of dollars at stake.
"Despite significant uncertainties, it is now very clear: AI is coming. In many sectors, it is already here.”
UK ZEV Mandate Loosens in the Face of Trump's Tariffs
7 April
Road transport is the UK’s largest emitting sector, contributing 28% of domestic emissions in 2022.
The nation aims to reduce total emissions by 68% while aiming for net zero by 2050, making the transformation of road transport emissions crucial.
The UK government has changed its Zero Emission Vehicle (ZEV) Mandate in the face of US President Donald Trump’s tariffs of 25% on cars imported to the US.
The changes allow hybrid vehicles to be sold until 2035 and exempt small manufacturers.
Previously, the government wanted all new car sales to be electric by 2030.
Under the new rules, vans with internal combustion engines, full hybrids and plug-in hybrid light commercial vehicles will be allowed to be sold until 2035.
Prime Minister Keir Starmer said: “Global trade is being transformed so we must go further and faster in reshaping our economy and our country through our Plan for Change.
“I am determined to back British brilliance. Now more than ever UK businesses and working people need a government that steps up, not stands aside.
“That means action, not words. So today I am announcing bold changes to the way we support our car industry.
“This will help ensure home-grown firms can export British cars built by British workers around the world and the industry can look forward with confidence, as well as back with pride.”
BCG: Inaction on Renewable Energy Will Cut Global GDP by 33%
9 April
New research from Boston Consulting Group (BCG) anticipates that climate change will cause a 34% decline in global economic output if current trajectories are maintained.
According to BCG, these economic impacts will primarily be driven by reductions in productivity, emphasising the need for immediate strategic energy investments.
Intriguingly, BCG's analysis in collaboration with the University of Cambridge suggests that diverting less than 2% of global GDP towards climate solutions today could mitigate 90% of these adverse impacts.
The comprehensive study highlights productivity, rather than capital destruction, as the key source of economic losses linked to climate change.
"What stands out is that productivity loss — not merely capital destruction — is the primary driver of economic damage," says Kamiar Mohaddes, Associate Professor in Economics & Policy at Cambridge Judge Business School.
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