NewEnergyNews: New Energy To Dominate By 2040 – BP

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    Friday, February 22, 2019

    New Energy To Dominate By 2040 – BP

    Renewable energy will be world's main power source by 2040, says BP; Annual energy forecast predicts record surge in wind, solar and other renewables

    Adam Vaughan, 14 February 2019 (UK Guardian)

    “…[New Energy is] establishing a foothold in the global energy system faster than any fuel in history…[W]ind, solar and other renewables will account for about 30% of the world’s electricity supplies by 2040…[up from] about 10% today…[In regions such as Europe, they] will be as high as 50% by 2040. The speed of growth was without parallel, [according to oil giant BP’s] annual energy outlook

    …While oil took almost 45 years to go from 1% of global energy to 10%, and gas took more than 50 years, renewables are expected to do so within [15 years to] 25 years…[But] BP sees a ‘major role’ for hydrocarbons until 2040, which it says will require substantial investment…The company has ambitious plans to grow its oil and gas production 16% by 2025…The report is gloomy on prospects for avoiding dangerous levels of global warming. The central scenario expects carbon emissions to grow 10% by 2040…[Driven by government policies, technological change and the falling costs of wind and solar power, New Energy is] expected to grow by 7.1% each year over the next two decades, eventually displacing coal as the world’s top source of power by 2040…” click here for more

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