Fossil fuels still rule in 2035

10th February 2014


Related Topics

Related tags

  • Energy ,
  • Renewable ,
  • Generation ,
  • Conventional

Author

Luke Millican

More than 80% of the world's energy will come from oil, gas and coal in 2035, according to the latest estimates from BP

In its fourth annual report examining trends in global energy consumption, the oil and gas giant calculates that energy use will increase by 41% over the next 20 years, increasing the amount of energy-related carbon emissions by 29%.

The forecast growth in demand for energy is less than previous BP predictions, however, and the firm concludes that better energy efficiency, particularly in developed economies, is helping to counteract the growth in demand from emerging economies such as China.

According to the report, energy consumption in OECD countries will increase just 5% up to 2030 and then begin to fall. Meanwhile, in non-OECD countries demand is predicted to be 69% higher than in 2012. BP also calculates that the increase in energy-related CO2 will be entirely from developing economies.

While the renewables sector is predicted to be the fastest-growing part of the energy industry up to 2035, it will account only for around 5–7% of global energy generation. Meanwhile, natural gas, oil and coal will each account for 27% of the market.

BP’s report came as the UN’s top climate change official warned investors not to put money into high-carbon assets. In a speech to financial leaders on climate risk, Christine Figueres, executive secretary of the UN convention on climate change, said: “The pensions, life assurances and nest eggs of billions of ordinary people depend on the long-term security and stability of investment funds. Climate change increasingly poses one of the biggest threats to those investments.

“Companies that act now to minimise exposure will be best positioned to lead and to profit in the coming low-carbon investment landscape.”

Subscribe

Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.


Transform articles

Is the sea big enough?

A project promoter’s perspective on the environmental challenges facing new subsea power cables

3rd April 2024

Read more

The UK’s major cities lag well behind their European counterparts in terms of public transport use. Linking development to transport routes might be the answer, argues Huw Morris

3rd April 2024

Read more

Tom Harris examines the supply chain constraints facing the growing number of interconnector projects

2nd April 2024

Read more

The UK government’s carbon capture, usage and storage (CCUS) strategy is based on optimistic techno-economic assumptions that are now outdated, Carbon Tracker has warned.

13th March 2024

Read more

The UK government’s latest Public Attitudes Tracker has found broad support for efforts to tackle climate change, although there are significant concerns that bills will rise.

13th March 2024

Read more

A consortium including IEMA and the Good Homes Alliance have drafted a letter to UK government ministers expressing disappointment with the proposed Future Homes Standard.

26th February 2024

Read more

Global corporations such as Amazon and Google purchased a record 46 gigawatts (GW) of solar and wind energy last year, according to BloombergNEF (BNEF).

13th February 2024

Read more

Three-quarters of UK adults are concerned about the impact that climate change will have on their bills, according to polling commissioned by Positive Money.

13th February 2024

Read more

Media enquires

Looking for an expert to speak at an event or comment on an item in the news?

Find an expert

IEMA Cookie Notice

Clicking the ‘Accept all’ button means you are accepting analytics and third-party cookies. Our website uses necessary cookies which are required in order to make our website work. In addition to these, we use analytics and third-party cookies to optimise site functionality and give you the best possible experience. To control which cookies are set, click ‘Settings’. To learn more about cookies, how we use them on our website and how to change your cookie settings please view our cookie policy.

Manage cookie settings

Our use of cookies

You can learn more detailed information in our cookie policy.

Some cookies are essential, but non-essential cookies help us to improve the experience on our site by providing insights into how the site is being used. To maintain privacy management, this relies on cookie identifiers. Resetting or deleting your browser cookies will reset these preferences.

Essential cookies

These are cookies that are required for the operation of our website. They include, for example, cookies that enable you to log into secure areas of our website.

Analytics cookies

These cookies allow us to recognise and count the number of visitors to our website and to see how visitors move around our website when they are using it. This helps us to improve the way our website works.

Advertising cookies

These cookies allow us to tailor advertising to you based on your interests. If you do not accept these cookies, you will still see adverts, but these will be more generic.

Save and close