Oil major BP said it expects energy demands to continue to grow over the next 20 years despite the current weaknesses in the global market and a slowdown in China’s growth.
The BP Energy Outlook said global demand for energy will increase by 34% between now and 2035.
Gas is expected to be the fastest growing fossil fuel, increasing 1.8% a year.
Meanwhile, oil will grow steadily at 0.9% a year.
Non-fossil fuels are projected to grow even faster than anticipated in last year’s Outlook. Renewables, including biofuels, are projected to grow at around 6.6% per year, and as a result their share in the energy mix increases from 3% today to 9% by 2035.
The growth is expected to include significant changes in the energy mix, with lower carbon fuels growing faster than carbon intense fuels as the world begins to transition to a lower-carbon
future.
Chief executive Bob Dudley said: “In the middle of a downturn in oil and gas prices, it is important not only to adapt to the current tough conditions, but also to prepare for the next set of challenges. Energy is a long-wavelength industry and we need a long term perspective of how the energy landscape we operate in is likely to evolve.
“As this year’s Outlook demonstrates, the world is going to continue to demand growing supplies of energy but the mix of those supplies is changing and becoming less carbon-intense. However, further policy action may be necessary to meet international targets to limit carbon emissions.”
BP also said despite the rapid growth of other sources, the Outlook projects that fossil fuels will remain the dominant form off energy over the period to 2035, meeting 60% of the projected increase in demand and accounting for almost 80% of the world’s total energy supplies in 2035.
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