Reactions to the increase in global energy demand during the transition to low carbon economies
- Apr 15, 2019 10:17 am GMT
On February 14, BP published its annual "Energy Outlook 2019" report. In this document, the British company analyses, in various scenarios, the different elements that affect the energy market and its evolution.
The report, following the line of its predecessors, highlights the growth on global energy demand, expected to increase by 30% in 2040. This data, resembles the one published by similar papers analysing the sector, such as the "Shell Sustainability report 2017" (Shell), which indicates a 50% increase in demand by the year 2060, or the "International Energy Outlook 2017" (US Energy Information Administration), indicating a growth of 28% in 2040.
At the present, energy consumption has grown from 2.1% in 2017 to 2.3% in 2018, by-product of the expansion of the global economy (+3.7% in 2018). The rapid development of countries like China, India or Brazil, consequence of the fast industrialisation, improvements in transport and increasing infrastructure, has derived into greater purchasing power of the local population. As a result, international market growth triggers the need for energy generation.
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