The Transition From Fossil Fuels To Renewables Under Biden And Yergin.

The Transition From Fossil Fuels To Renewables Under Biden And Yergin.

President Joe Biden has been quite aggressive in some of his actions that pertain to the oil and gas industry, such as banning drilling leases on federal lands and waters, stopping progress on the Keystone X-L pipeline, and elevating climate change to a national office in his government. Biden's goal is net-zero greenhouse gas (GHG) emissions by 2050. This is one perspective.

Daniel Yergin of IHS-Markit



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spoke recently at Baker Hughes' Energy Forward conference and addressed some of these things. Yergin, a Pulitzer Prize winner, has released a new book called The New Map. As a recognized expert in oil and gas, Yergin in his own gentle way elaborates on some of the key prospects of the oil and gas industry.

Yergin has said the oil and gas economy across the world is an $87 trillion economy, implying that such a giant structure cannot be changed quickly and that oil and gas will be around for decades. This is another perspective.

Are these two perspectives actually at odds?

Bp's Energy Outlook 2020 projects an aggressive changeover that will lead to 45% renewables, and 36% oil-and-gas by 2050. Less aggressive BP forecasts imply less than 45% renewables and more