Growth of renewables to quadruple over the next 20 years: BP

The global fuel mix will continue to decarbonise between now and 2035, said Bob Dudley, group CEO of BP in the company’s 2017 edition of its Energy Outlook report.

The report predicts that global GDP will almost double in this period, driving an increase in energy demand of around 30 percent. Half of this added energy demand is expected to be supplied by renewables.

With continued gains in competitiveness, renewables is the fastest growing fuel source and is expected to quadruple over the next 20 years.

That said, traditional fuels (oil, gas and coal) will remain the dominant sources of energy. Gas, buoyed by US shale, will lead the growth among traditional fuels, while oil demand growth slows down and global coal consumption peaks.

Overall in BP’s base case scenario, carbon emissions from energy will continue to rise but at less than a third of the rate of the past 20 years – reflecting gains in energy efficiency and the changing fuel mix.

To find out more, the full report can be viewed here with additional insights from BP here.

By : BP