BP has published its yearly forecast for the global energy market this week, and the oil giant sees renewable energy playing a commanding role in the future. By 2040, if current trends continue then renewables will grow by 400 per cent of their current amount, but still only account for 14 per cent of all global energy demand. BP sees this strong growth as being enabled by the steep decreases in cost seen primarily by wind and solar. As subsidies are phased-out by the mid-2020s, renewable energy will “be able to compete against other fuels.”
Elsewhere, the Energy Outlook sees a continued increase in energy but that improvements in efficiency will help dampen this down. More worryingly, the Outlook sees carbon emissions rising by 10 per cent out to 2040. Although this is slower than in the past it remains insufficient to meet the goals of the Paris climate agreement.
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