The BP Energy Outlook

As global energy demand continues to be on an upward trajectory, that growth is relatively slow in depressed markets of Europe, future growth is being driven by emerging economies – led by China and India – according to the latest edition of the BP Energy Outlook 2035.

[http://www.bp.com/en/global/corporate/about-bp/energy-economics/energy-outlook/outlook-to-2035.html]

What BP reveals is that global energy consumption is expected to rise by 41% from 2012 to 2035 – compared to 52% over the last twenty years and 30% over the last ten. 95% of the growth in demand is expected to come from the emerging economies, while energy use in the advanced economies of North America, Europe and Asia as a group is expected to grow only very slowly – and begin to decline in the later years of the forecast period.

The major use of fossil fuels are now converging, with oil, natural gas and coal each expected to make up around 27% of the total mix by 2035 and the remaining share coming from nuclear, hydroelectricity and renewables. Amongst fossil fuels, gas is growing fastest, increasingly being used as a cleaner alternative to coal for power generation as well as in other sectors.

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