BP forecasts renewables’ rapid growth

BP forecasts renewables’ rapid growth

Baku, Azerbaijan, Feb. 11

By Elena Kosolapova - Trend:

The BP forecasts in the nearest 20 years a fourfold increase in consumption of energy produced from renewable energy resources (RER), according to BP's Energy Outlook 2016 to 2035.

The BP expects energy consumption from RER to increase from 316.9 million tons of oil equivalent in 2014 to 384.7 million tons of oil equivalent in 2020, 837.7 million tons of oil equivalent in 2025, 1.11 billion tons of oil equivalent in 2030, 1.36 billion tons of oil equivalent in 2035.

Renewable power has been revised up every year for the past five years: renewables in 2030 are projected to be around 35 percent higher than expected in 2011, according to the outlook.

The rapid growth in renewables is supported by the expected pace of cost reductions: the costs of onshore wind and utility-scale solar Photovoltaic (PV) are likely to fall by around 25 percent and 40 percent over the next 20 years, according to the outlook.

In the result, renewables will account for over a third of the growth in power generation, causing their share of global power to increase to 16 percent by 2035.

The EU will continue to lead the way in the use of renewable power, according to the BP forecast. However, in terms of volume growth to 2035 the EU will be surpassed by the US, and China will add more than the EU and US combined.

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Follow the author on Twitter: @E_Kosolapova

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