Oil

The Role of Oil

Transports
Following coal, gas stands as the second most significant source of emissions in the power sector.
Transports
In the near term, it plays a crucial role in enhancing the flexibility of the power system to integrate a substantial increase in wind and solar energy.
Transports
Nevertheless, unmitigated gas (gas without carbon capture and storage) should be gradually phased out by 2040 to transition towards a cleaner power system.
Long-Term Trends

Bioenergy generation has experienced significant growth
over the past two decades

Transports
Over the past two decades, bioenergy generation has seen a substantial increase of 4.5 times, surging from 148 terawatt-hours (TWh) in 2000 to 672 TWh in 2022. As a result, the proportion of bioenergy in the global power generation mix has risen from less than 1% in 2000 to 2.4% in 2022. It's worth noting that there was only one year when bioenergy generation declined, which was in 2001 when production fell by 5.5 TWh (-3.7%).
Transports
Since then, bioenergy generation has experienced an average annual growth rate of 8%. However, in 2022, the growth rate dropped significantly to 0.8%, mainly due to major producers like Brazil, the United States, and the UK reducing their bioenergy generation.
Transports
The growth of bioenergy generation has also slowed since 2015, with a lower average annual growth rate of 4.9%. Bioenergy's share in the global power mix has increased by only 0.4 percentage points since 2015, going from 2% to 2.4% in 2022.
Transports
Among the G20 countries, the UK has the highest share of bioenergy in its domestic power mix. In 2000, its share was a mere 1.1%, but by 2015, it had risen to 8.5%. Although the increase has slowed, the UK's share of bioenergy reached 11% in 2022. Brazil and Germany have similar shares, consistently maintaining a share of around 8% since 2015.
Investment opportunities

Stock market prices of biomass energy companies

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