BP PLC said global energy use will grow by almost 40 percent by 2030, led by demand from China, India, Russia, Brazil and other emerging economies.
Global energy demand growth is forecast to average 1.7 percent a year to 2030, BP said in its Energy Outlook 2030 report, which forecasts energy trends for the next 20 years.
Demand in non-OECD countries, or emerging economies which aren’t members of the Organization for Economic Cooperation and Development, is set to rise at a faster rate, averaging 2.6 percent a year through 2030, BP said.
“Non-OECD Asia will account for nearly two-thirds of non-OECD consumption growth over the next 20 years and more than three-quarters of the net global increase, rising by nearly 13 million barrels a day,” BP’s Chief Economist Christof Ruehl said in a press release.
The use of renewable energy sources such as solar, wind, geothermal and biofuels will “continue to grow strongly” to 18 percent in 2030 from 5 percent, BP said.
The Organization of Petroleum Exporting Countries’ share of global oil production is set to increase to 46 percent, the highest since 1977, according to BP’s forecast.
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