• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 3 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 2 hours Tesla Launches Faster Third Generation Supercharger
  • 42 mins EU has already lost the Trump vs. EU Trade War
  • 3 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 2 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours ''Err ... but Trump ...?'' #yawn
  • 4 mins China's Renewables Boom Hits the Wall
  • 22 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 1 day Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 3 hours Crazy Stories From Round The World
  • 2 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
  • 1 day Trump Interview On Farage's Radio Show #classy
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

BP: Renewables To Become Largest Source Of Power By 2040

Renewable energy will be the fastest-growing source of energy in the world through 2040, penetrating the energy system “more quickly than any fuel in history” to become the largest source of power by 2040, oil and gas supermajor BP said in its annual BP Energy Outlook on Thursday.

Renewables are expected to account for some two-thirds of the rise in power generation globally, and their share in the global power sector will grow to around 30 percent by 2040, up from around 10 percent now. The European Union (EU) will continue to lead among the regions in terms of renewables penetration. The share of renewables in the EU power market is set to jump to more than 50 percent by 2040, according to BP.

The global share of coal, on the other hand, will drop significantly and will be surpassed by renewables as the primary source of energy in the power sector by 2040, BP said.

Oil demand will rise during the first half of the outlook to 2040, but at a much slower pace than in the past, “before plateauing in the 2030s,” the oil and gas major said.

Global demand for liquid fuels—including crude oil and condensates, natural gas liquids (NGLs), and other liquids—is expected to increase by 10 million bpd, plateauing around 108 million bpd in the 2030s. Related: Emerging ‘Quality’ Problem To Haunt Oil Markets

Despite the forecast that peak oil demand could come in the 2030s, BP noted that under all scenarios oil will continue to play a significant role in the global energy system by 2040. Moreover, “significant levels of investment are required for there to be sufficient supplies of oil to meet demand in 2040,” BP said, adding that “In all scenarios, trillions of dollars of investment in oil is needed.”  

Compared to last year’s outlook, BP’s largest revisions were in renewable energy and in China’s energy consumption. BP revised up its renewable energy estimated by 9 percent, while it revised down by 7 percent the expected Chinese energy consumption, “reflecting the pace at which China is adjusting to a more sustainable pattern of economic growth.”

“Renewables and natural gas together account for the great majority of the growth in primary energy. In our evolving transition scenario, 85% of new energy is lower carbon,” Spencer Dale, BP group chief economist, said, commenting on the outlook to 2040.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Lee James on February 16 2019 said:
    BP is a European company, and appears to reflect a European view on climate change and the role of renewable energy.

    In the U.S. we are beginning to see some Big Oil concern over climate, namely with ExxonMobil advocating for revenue-neutral pricing of carbon pollution, and some of the recent talk from Chevron.

    I welcome the idea that U.S. "energy" companies will, over time, will really become energy companies, in the broad sense -- not the narrow one that equates to fossil fuel only.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play