BP Predicts A Bright Future For BP Renewable Energy

A new report from BP states that as global energy demand continues to grow over the next twenty years, renewable energy is set to become the fastest growing source of power through to 2030.

BP’s latest “Energy Outlook 2030” (PDF) report shows global renewable energy generation,  fueled by population booms in non-OECD countries, rising by eight percent each year over the next two decades. This growth would outpace that of natural gas, which at two percent represents the fastest growing form of fossil fuel.

Despite energy efficiency measures in transportation and power generation, energy demand worldwide will likely exceed 39 percent by 2030, with the majority of this demand coming from China, India and the Middle East- non-OECD countries account for just a four percent rise over the forecast period.

The increase in replacing coal and oil with renewable energy and biofuels and the controversial exploitation of unconventional supply, including U.S. shale oil and gas, Canadian oil sands and Brazilian deepwater could see the Western Hemisphere become almost entirely energy self-sufficient. Demand for crude oil, principally in Asia, will not abate, rising 18 percent on 2010 levels to 103 million barrels per day. Saudi Arabia and Iraq were identified as the major sources of supply, cornering the market on gas-related liquid as the region’s share of global oil supply rises to 34 per cent by 2030.

Although renewable energy continues its rapid rise in the energy mix, the future remains dominated by big oil, coal and natural gas, with fossil fuels predicted to account for 81 per cent of global energy demand by 2030- albeit down six percent from 2011 levels.

Under this scenario, global CO2 emissions are likely to rise by 28 percent by 2030. This figure is lower than energy demand growth rates, largely due to the rapid rise of large-scale renewable projects. The report points out: “If more aggressive [renewable energy support] policies than currently envisioned are introduced, global CO2 emissions could begin to decline by 2030.”

For all its apparent optimism in regard to renewables, BP recently announced it would be exiting the solar panel manufacturing sector due to reasons relating to profitability.

by ENergy Matters

Advertisment - Learn more

The Author

I took an interest in the Australian energy sector close to ten years ago and since then have monitored the trends, technologies and direction of the Australian Energy Market. I was drawn to the Australian solar market in 2008 and since then have worked heavily in the field. I am partnered with national and international solar energy companies, from manufacturers of solar panel and inverter technology, online software developers that introduce tools to quote, monitor and manage solar power systems and media organisations who like myself, closely monitor the solar and renewable energy sector.

×

Tracey from Chuwar, Queensland asked for 3 quotes for solar 12 mins ago!

Sylvia from Hawthorn, Victoria asked for 3 quotes for solar about 3 hours ago!

Ash from Hampton Park, Victoria asked for 3 quotes for solar about 22 hours ago!

Allan from Gunnedah, New South Wales asked for 3 quotes for solar about 23 hours ago!

Simon from Dakabin, Queensland asked for 3 quotes for solar 2 days ago!

William from Clifton Springs, Victoria asked for 3 quotes for solar 2 days ago!

Henry from Menai, New South Wales asked for 3 quotes for solar 2 days ago!

Margaret from Caloundra West, Queensland asked for 3 quotes for solar 2 days ago!

Julie from Hamilton, Victoria asked for 3 quotes for solar 3 days ago!

Riki from Point Cook, Victoria asked for 3 quotes for solar 3 days ago!

John from Carrum Downs, Victoria asked for 3 quotes for solar 4 days ago!

Lee from Upper Ferntree Gully, Victoria asked for 3 quotes for solar 4 days ago!

Dennis from Glenbrook, New South Wales asked for 3 quotes for solar 5 days ago!

Mary from Heidelberg Heights, Victoria asked for 3 quotes for solar 5 days ago!

Babita from Rockbank, Victoria asked for 3 quotes for solar 5 days ago!

Babita from Rockbank, Victoria asked for 3 quotes for solar 5 days ago!

Jill from Cooee Bay, Queensland asked for 3 quotes for solar 5 days ago!

John from Mildura, Victoria asked for 3 quotes for solar 5 days ago!

leslie from Wondecla, Queensland asked for 3 quotes for solar 6 days ago!

Yelda from Matraville, New South Wales asked for 3 quotes for solar 7 days ago!