Global energy demand will grow in 2014 as emerging markets such as China experience economic growth, according to a new report.
The report published by The Economist Intelligence Unit says growth in different energy forms will vary greatly.
“The outlook for the energy sector in 2014 is a nuanced one,” said Martin Adams from The Economist Intelligence Unit.
“Economic growth in China and elsewhere in the developing world will force up overall energy demand. This includes demand for coal – regarded as a dirty habit many countries are trying to kick.
“At the same time, cleaner fuels will eke out greater market share.”
The report said consumption of wind and solar power will undergo double-digit expansion in 2014. While, demand for nuclear and natural gas will outpace coal and oil.
Despite this, new supplies of oil are expected to continue, said the report. This will mainly come from North America, Brazil and Iraq.
The report said that although many politicians in important markets – China and the US for example – are stepping up efforts to wean their economies off coal, global demand for the fuel will increase.
As a result, little progress is expected on international climate change negotiations and the report estimates carbon emissions from burning fuel will reach nearly 160% of 1990 levels.
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