BP, opens new tab expects oil demand to peak next year and wind and solar capacity to grow rapidly in both of the two main scenarios in its annual Energy Outlook, a study of the evolution of the global energy system to 2050 it published on Wednesday.
Carbon emissions, caused predominantly by the burning of fossil fuels, also peak in the mid 2020s in both scenarios, which are as follows:
- The Current Trajectory scenario is based on climate policies and carbon reduction pledges already in place.
- The Net Zero scenario assumes a significant tightening of climate policies aligned with the 2015 U.N.-backed Paris climate agreement to cut the world's carbon emissions by around 95% by the middle of the century.
Following are key points from the report:
BP Outlook: CO2 emissions
Reuters Graphics
ENERGY DEMAND AND CARBON EMISSIONS
Primary energy demand in the Current Trajectory rises up to the mid-2030s before broadly plateauing as continuing increases in energy consumption in emerging economies, excluding China, are broadly offset by declines in developed economies and eventually in China.
(continue reading in Reuters)
