BP??s Energy Outlook 2030: Growth of Renewables Exceeds Oil

The multinational oil giant BP projects in its lately-released BP Energy Outlook 2030 that the main growth in energy demand will stem from emerging economies, such as China, India, Russia, and Brazil, that energy efficiency will accelerate its improvement, and that renewables are expected to grow faster than oil in the next 20 years.

BP forecasts that the energy consumption will increase by 40% in the next two decades, of which 93% is from non-OECD counties. It is also expected that the energy demand from non-OECD countries will increase to two thirds from half of the global energy demand.

According to the Energy Outlook, the fuel mix will gradually change with time. Oil (excluding biofuels) expects a relatively slow growth, with an annual growth rate of 0.6%. Natural gas becomes the fastest growing fossil energy, with an expected annual increase of 2.1%, three times faster than the former. Coal, with an annual growth of 1.2%, will provide roughly equal energy compared with oil (excluding biofuels). (Chen Qijue)

Source: indaa

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