In its annual Energy Outlook document, the company forecast that renewables would continue to be the fastest-growing class of energy.
Renewables’ market share is expected to increase by an average of 6.4% each year between now and 2035, the report said.
Bob Dudley, BP Chief Executive, said: “New energy forms such as shale gas, tight oil, and renewables will account for a significant share of the growth in global supply.”
While countries that are members of the Organisation for Economic Co-operation & Development (OECD) think tank have led the growth in renewable energy, BP said that renewables in non-OECD nations are catching up and are expected to account for 45% of the total by 2035.
Including biofuels, renewables are expected to have a higher share of primary energy than nuclear by 2025, the report added.
Overall, global growth in demand for energy is slowing, the study concluded.