Renewables will account for 14% of global electricity production by 2035, says BP

BP OILBP estimates that renewable power will account for 14% of global electricity production by 2035 from 5% at present.

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.

 

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