BlackRock Backs Nuclear Energy as BP Pushes Peak Oil Demand to 2030
Investment giant BlackRock has highlighted the growing appeal of nuclear energy, with increasing investments in the sector. Meanwhile, BP has revised its peak oil demand forecast to 2030, and renewable energy is expected to meet most of the global electricity demand growth in the coming years.
BlackRock's research report notes the rising interest in nuclear energy companies, though specific targets were not disclosed. This shift comes as BP has pushed back its peak oil demand prediction to 2030. The report also underscores opportunities in energy efficiency, clean transportation, and critical minerals.
Renewable energy is set to meet around 95 per cent of global electricity demand growth over the next three years. Notably, US utility stocks, including those heavy in nuclear power, have seen a rally despite the surge in renewable energy production. This trend suggests that both traditional and clean energy sources are in demand.
The artificial intelligence revolution is driving up projected energy demand. To meet this soaring demand, governments worldwide are bolstering energy security efforts. The energy system finds itself at the intersection of major forces such as AI, geopolitical fragmentation, and the low-carbon transition.
BlackRock's analysis indicates that growth in both fossil fuels and renewable energy sources is necessary to meet the increasing global energy demand. Despite the rise of renewable energy, traditional energy sources remain crucial, as evidenced by the rally in US utility stocks and BP's revised peak oil demand forecast.
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