As the transition to lower-carbon energy system continues, here is a glimpse of how the energy mix would look like in 2040:
Primary Energy Consumption by Fuel, Source: BP
Oil to remain King when it comes to energy consumption in 2040. It is expected to account for 27% of the total energy consumption by 2040.
The demand for natural gas is expected to grow faster than the demand for both oil and coal as the transition to a lower-carbon energy system continues. Natural Gas is expected to account for 26% of the total energy consumption by 2040.
Shares of Primary Energy, Source: BP Energy Outlook 2019
Sadly, coal -the dirtiest source of energy- will continue to be the third biggest source of energy by 2040 accounting for 20% of the total energy consumption. For the record, China is the biggest coal consumer by far.
Coal Production & Consumption by Region, Source: BP Statistical Overview of World Energy 2019
Renewable energy is the fastest growing source of energy, contributing half of the growth in global energy, with its share in primary energy increasing from 4% today to around 15% by 2040.
Hydro and Nuclear energy sources are expected to remain slightly unchanged accounting for 7% and 5% of the total energy consumption by 2040 respectively.
Founder of the Oil Industry Insight., an Oil & Gas industry analytical and business intelligence platform offering insights and analyses, short-term and long-term oil market outlooks and oil prices forecasts. Oil and Gas industry professional recognized and featured on LinkedIn as an Oil & Gas Industry Expert with more than 350,000 followers.
