The demand for global energy is set to increase by 35% by 2040, a report has suggested.
The report released today ExxonMobil claims growth in the global middle class, expansion of emerging economies and a rising population will contribute to the rise.
The 2015 Outlook for Energy said the world will eventually use energy more efficiently and projects that carbon-based fuels will continue to meet three quarters of global energy needs by 2040.
Wind, solar, and biofuels are expected to be the fastest growing sources, increasing by an average of 6% a year.
Nuclear energy is also expected to double, accounting for 75% of the surge.
Rex Tillerson, chairman and chief executive of ExxonMobil, said: “This research offers important perspective about the factors that will drive the world’s energy needs in the coming decades.
“Helping individuals, businesses and governments to better understand the elements that shape future energy supply and demand around the world is essential to aid investments and create effective energy policy.”
The report also identifies a significant evolution in the trade of oil and other liquids.
Unconventional gas production in North America will triple by 2040 and the region is expected to surpass the combined output of Russia and the Caspian region as the largest gas-producing area.
In Asia Pacific, gas production is seen doubling by 2040, driven partly by unconventional production technologies, and will likely overtake Europe as the world’s largest gas importer.
Recommended for you
