27 January 2014
Global energy demand continues to grow but that growth is slowing and mainly driven by emerging economies, according to the BP Energy Outlook 2035.
This growth is being led by China and India. The Outlook reveals that global energy consumption is expected to rise by 41% by 2035 – compared to 55 per cent over the last 23 years (52% over the last twenty) and 30% over the last ten.
The majority of that growth in demand (95%) is expected to come from the emerging economies, while energy use in the advanced economies of North America, Europe and Asia as a group is expected to grow only very slowly – and begin to decline in the later years of the forecast period.
Shares of the major fossil fuels are converging with oil, natural gas and coal each expected to make up around 27% of the total mix by 2035 and the remaining share coming from nuclear, hydroelectricity and renewables. Among fossil fuels, gas is growing fastest, increasingly being used as a cleaner alternative to coal for power generation as well as in other sectors.
Bob Dudley, BP Group Chief Executive said: ‘The growth rate for global demand is slower than what we have seen in previous decades, largely as a result of increasing energy efficiency. Trends in global technology, investment and policy leave us confident that production will be able to keep pace. New energy forms such as shale gas, tight oil, and renewables will account for a significant share of the growth in global supply.’