On Wednesday January 25th Oil major BP launched it’s latest energy outlook.
Some of the key highlights provided by BP are:
- The carbon emissions will still grow but at a much slower paste.
- The growth rate is projected to be 0,6% per year until 2035 compared to 2,1% per year over the past 20 years
Energy consumption continue to grow but at a slower paste
- The growth in energy consumption will grow at 1,3% year, compared to 2,2% per year over the past 20 years
Gas demand grows faster than oil and coal
- Growth in oil demand 0,7% per year until 2035
- Growth in gas demand 1,6% per year until 2035
- Growth in coal demand 0,2% per year until 2035, compared to a growth rate of 2,7% per year over the past 20 years
- Nuclear power generation at steady growth
- Growth in nuclear energy generation is projected to 2,3% per year until 2035
Hydro power generation at steady growth
- Growth in Hydro power generation is projected to 1,8% per year until 2015
(Other) Renewables power generation continue to grow
- Renewable power generation is projected to increase by 7,6% per year until 2015 which represent 40% of the growth in power generation until 2035.
- If the projections are met it means that within 2025 renewables including hydro power generation will account for almost 20% of the total power generation, compared to 7% of the total power generation in 2015
Significant growth in global car fleet
- It is projected that the global car fleet will grow to 1,8 billion cars in 2035 ,from 0,9 billion cars in 2015
- The number of electric cars is projected to grow to 100 million by 2035 from around 1,2 million in 2015
- This represents 5,5% of the total car fleet in 2035.
- In 2015 19 Mb/d was spent on fuel for cars, this represented a fifth of the global liquid fuel demand.
- The potential growth in fuel demand will be significantly reduced due to improvements in fuel efficiency which could represent a reduction by 16 Mb/d
- In addition the growth of electrical cars also will reduce the growth in oil demand by 1.2 Mb/d
- All in all as a consequence of significant growth in the global car fleet and despite fuel efficiency improvements and the increased number of electrical vehicles BP believes that the liquid fuel demand for cars will rises by 4 Mb/d from now until 2035
To read the full report visit: www.bp.com