Russia’s invasion of Ukraine has triggered a long-lasting impact on the oil trade that will cut imports and accelerate the transition to clean energy, according to BP.
Threats to energy security will prompt countries to produce their own renewable energy and limit global trade in fossil fuels, according to the oil major’s annual energy outlook.
“The increased importance placed on energy security as a result of the Russia-Ukraine war leads over time to a shift away from imported fossil fuels towards locally produced non-fossil fuels, accelerating the energy transition,” it said.
