BP’s Energy Outlook 2023 explores key trends and uncertainties surrounding the energy transition.

The Outlook’s three main scenarios are designed to explore the range of possible outcomes for the global energy system over the next 30 years. Understanding this range of uncertainty helps BP to shape a strategy which is resilient to the different speeds and ways in which the energy system may transition.

The events of the past year have highlighted the complexity and interconnectedness of the global energy system. BP’s chief economist, Spencer Dale, said: “Global energy polices and discussions in recent years have been focused on the importance of decarbonising the energy system and the transition to net zero. The events of the past year have served as a reminder to us all that the transition also needs to take account of the security and affordability of energy. Any successful and enduring energy transition needs to address all three elements of the so-called energy trilemma: secure, affordable and lower carbon.”