BP Energy Outlook 2030: BP says renewables will outgrow oil in twenty years

BP released a report, BP Energy Outlook 2030, in which the company analyses world energy growth and market in the next twenty years. According to the company, the "best case" scenario is that primary energy usage will rise 40% in the coming two decades, with 93% of the growth coming from non-OECD countries. Russia, China, India and Brazil, as emerging markets, will dominate the growth trend, but also have a major influence on the improvement of energy intensity, as a measure of energy use per unit of economic output, through rapid efficiency gains in these regions.

Diversification of energy sources will bring non-fossil fuels to the top for the first time. These include nuclear energy and renewable energy, which is the most interesting topic for us here. Additionally, BP sees the contribution of renewables to energy growth to increase from 5% to 18% between 2010 and 2030. Fossil fuels, however, will continue to grow, with natural gas leading at the top. Coal and oil are anticipated to continue loosing their market shares with time, expected to have only a 64% market share by 2030. Oil demand in OECD countries will be at the 1990 level in 2030. Biofuels will account for about 9% of all the fuels used for transport.

Sources: renewable energy news and BP Energy Outlook 2030