Jan 30 (Renewables Now) - Renewables will be the fastest growing fuel source over the next 20 years, quadrupling from 2015 to 2035, UK oil group BP plc (LON:BP) says in its latest energy outlook, released last week.
According to BP, China will lead renewables growth over the next 20 years as it will add more renewable power than the EU and US combined.
Together with nuclear and hydro, renewables will account for half of the growth in energy supplies globally over the next 20 years. Fossil fuels, however, will remain the world's dominant source of energy with a 77% share in 2035, compared with 86% in 2015.
|Primary energy consumption (units in Mtoe)||2015||2035||growth in the period (%)|
| of which Renewables
|of which Hydro||893||1272||42|
|of which Nuclear||583||927||59|
According to the outlook, global energy demand will increase by around 30% between 2015 and 2035, or an average rate of 1.3% per year.
Renewables in power are expected to grow at an average rate of 7.6% per year on the back of increasing competitiveness of solar and wind. Solar is forecast to rise more than eightfold and wind more than fourfold over the outlook period.
Renewables will bring 40% of the growth in power generation, gaining a share of almost 20% of global power by 2035, up from 7% in 2015.
"The global energy landscape is changing. Traditional centres of demand are being overtaken by fast-growing emerging markets. The energy mix is shifting, driven by technological improvements and environmental concerns," said BP chief executive Bob Dudley. "More than ever, our industry needs to adapt to meet those changing energy needs," Dudley added.