Global energy mix will be at its most diverse by 2040: BP

Strong growth in renewables and gas, plateauing oil demand and declining coal consumption will result in the most diverse energy mix the world has ever seen by 2040, according to BP’s 2018 Energy Outlook.

The report projects that oil, gas, coal and non-fossil fuels will comprise about 25 per cent each, with renewables increasing five-fold to become the fastest-growing fuel source.

Global coal consumption will fall as China reduces its coal use and natural gas will overtake coal as the world’s second largest energy source. Oil will remain the largest.

This will exert downward pressure on carbon emissions. In the past 25 years, carbon emissions have increased by 55 per cent. Based on the scenarios laid out by BP, emissions by 2040 will increase by a much slower 10 per cent at a minimum and fall by almost 50 per cent at a maximum.

To find out more, the full report can be viewed here.