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Renewable energy will be the fastest growing source of energy in the world until 2040, penetrating the energy system "faster than any fuel of the world." "History to become the largest source of energy by 2040, announced in its annual report the big oil and gas city BP Energy Outlook on Thursday.
Renewable energies are expected to account for about two-thirds of the increase in global electricity production, and their share in the global energy sector will rise to around 30% by 2040, compared with around 10% today. hui. The European Union (EU) will continue to play a leading role among regions in terms of renewable energy penetration. According to BP, the share of renewable energy in the EU electricity market is expected to exceed 50% by 2040.
The global share of coal, on the other hand, will drop significantly and will be overtaken by renewables as the main energy source in the energy sector by 2040, BP said.
Oil demand will increase over the first half of the outlook until 2040, but at a much slower pace than in the past, "before stabilizing in the 2030s," said the major oil group and gas.
Global demand for liquid fuels, including crude oil and condensates, natural gas liquids and other liquids, is expected to increase by 10 million barrels per day, to around 108 million barrels per day in the 2030s . Related: "Quality" problem emerging to haunt oil markets
BP said that, regardless of the scenario envisioned, oil will continue to play an important role in the global energy system by 2040, despite forecasts of a peak oil demand in the 2030s. In addition, "significant investments are needed to have sufficient stocks. oil to meet the demand in 2040, "said BP, adding that" in all scenarios, trillions of dollars worth of oil investment are needed ".
Compared to last year's outlook, BP's largest revisions concerned China's renewables and energy consumption. BP has revised upward its estimated renewable energy to 9%, and the 7% decline in China's expected power consumption, "reflecting the pace at which China is adapting to a model of more sustainable economic growth ".
"Renewable energies and natural gas together account for the vast majority of primary energy growth. In our evolving transition scenario, 85% of the new energy is low-carbon, "said Spencer Dale, Chief Economist of the BP Group, about the outlook for the 2040 horizon.
By Tsvetana Paraskova for Oilprice.com
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