The new 2019 Energy Outlook report by BP has found that the demand for renewable energy is growing.
The report, published today, explores the key uncertainties that could impact the shape of global energy markets by 2040.
The report details an ‘Evolving Transition’ scenario where government policies, technologies and societal preferences evolve in a similar speed and manner to the recent past.
In this scenario, 85 per cent of the growth in energy supply is generated through renewable energy and natural gas, with renewables becoming the largest source of global power generation by 2040.
Spencer Dale, BP Group Chief Economist, said: “The world of energy is changing. Renewables and natural gas together account for the great majority of the growth in primary energy. In our evolving transition scenario, 85% of new energy is lower carbon.”
The scenario also finds that global carbon emissions will continue to rise. A report found that after a three year decline, carbon emissions in the United States have risen in the last year. This signals the need for a comprehensive set of policy measures to achieve a substantial reduction in carbon emissions.
Bob Dudley, BP Group Chief Executive, said: “The Outlook again brings into sharp focus just how fast the world’s energy systems are changing, and how the dual challenge of more energy with fewer emissions is framing the future. Meeting this challenge will undoubtedly require many forms of energy to play a role.”
This follows a new study which found that phasing out fossil fuels immediately will be crucial to meet future climate targets.
Read the full report by BP here.