(Bloomberg) -- Russia’s war in Ukraine will accelerate the shift away from oil and gas as countries around the world prioritize domestic renewable energy sources as a way to increase security of supply while also cutting carbon emissions. Most Read from BloombergAdani Tries to Calm Investors With 413-Page Hindenburg RebuttalRussia Can’t Replace the Energy Market Putin BrokeFed Set to Shrink Rate Hikes Again as Inflation SlowsUkraine Latest: Russian Missile Hit on Kharkiv Building ReportedBed Bat
Russia's war in Ukraine is expected to weigh on long-term energy demand and accelerate the world's shift to renewables and low-carbon power as countries boost domestic energy supplies, BP said in a report on Monday. In its benchmark 2023 Energy Outlook, BP Plc said the Ukraine war will slow global economic activity by 2035 by around 3% compared with last year's forecast due to higher food and energy prices as well as reduced trade activity. BP lowered its oil and gas demand forecast in 2035 by 5% and 6%, respectively, under its central forecast scenario that is based on governments' current energy transition plans.
Intel's bleak outlook dragged chipmakers lower as FTSE 100 lost gains.