Renewables largest source of power generation by 2040

BP’s annual Energy Outlook has been published, setting out the global energy markets to 2040. The report predicts the need for more whilst also undertaking a rapid transition to a lower-carbon future. The report also considers greater regulation of plastics.

Key points include a prediction that Global energy demand will increase by around a third by 2040, driven by improvements in living standards, particularly in India, China and across Asia, but that 85 per cent of the growth in energy supply will be generated through renewable energy and natural gas, with renewables becoming the largest source of global power generation by 2040.

However, with 15 per cent of new energy coming from fossil fuels, global carbon emissions from new sources will still hamper the overall effect of lower carbon in existing processes unless an international agreement can be reached and implemented.

“The Outlook again brings into sharp focus just how fast the world’s energy systems are changing, and how the dual challenge of more energy with fewer emissions is framing the future. Meeting this challenge will undoubtedly require many forms of energy to play a role,” said BP CEO Bob Dudley.

As for emissions from existing energy sources, the report is hopeful that there will be a 45 per cent decline in carbon emissions by 2040 relative to current levels. This fall reflects a combination of gains in energy efficiency; a switch to lower-carbon fuels; material use of CCUS; and, of particular importance in the power sector, a significant rise in the carbon price.

BP Energy Outlook here.

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