BP publishes forecasts for 2030 energy outlook

According to the British global oil and gas company, BP p.l.c., renewable fuel, such as biofuels, will continue to be the fastest growing sources of energy around the world through 2030, and usage will increase by more than 8% annually. In its 2030 Energy Outlook, BP p.l.c. says that the use of natural gas will increase only by 2% a year within the next 19 years. The company also forecasts that 81% of global energy consumption by 2030 will be covered by fossils, showing a decline of 6% against current levels. The company says gas and renewable resources will grab a considerable amount of the market share from coal and oil. Global energy consumption is predicted to increase at a rate of 1.6% annually, reaching 29% by 2030. By 2030, the company sees renewable fuels, such as nuclear energy and hydropower bringing in more than 50% of the growth in power generation. In its 2030 Energy Outlook, BP says emissions around the world will increase by 28% by 2030, and that with the increased use of renewable energy and natural gas, emissions will go down. “If more aggressive policies than currently envisioned are introduced, global CO2 emissions could begin to decline by 2030,” BP concluded. (January 19, 2012)