BOSTON CONSULTING GROUP | In the pre-COVID-19 pandemic environment, the contours of energy transitions toward low-carbon sources were becoming clear. Europe and North America were driving much of the initial adoption of renewable power generation and electrification of energy consumption. Asian countries were generally slower to ramp up low-carbon energy technologies, although their adoption of wind, solar, battery, and electric vehicle (EV) technologies was rapidly accelerating. Still, any decline in oil and natural gas consumption in Europe and North America seemed likely to be offset by growth in Asia, where increasing oil and gas imports would fuel economic growth for the coming decades.
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