BP: Renewables to be the fastest growing energy class though 2030
BP expects renewables to continue to be the fastest growing class of energy over the next several years. According to the BP Energy Outlook 2030 published Jan. 16, renewables will gain market share from a small base as they increase at an average of 7.6 percent a year through 2030.
Overall, BP estimates that renewable energy production will grow from 4 percent to 11 percent by 2030. “Including biofuels, renewables are expected to have a higher share of primary energy than nuclear by 2030,” said BP in a statement.
In the report, BP said that the transportation sector is expected to show the weakest growth, with demand for transportation fuels in some markets projected to decline. However, there is expected to be some diversification away from oil, with 13 percent of the fuel mix coming from biofuels, 16 percent from natural gas, and 2 percent from electricity.
With regard to renewable power, renewables are expected to contribute to 27 percent of the sector’s growth through 2030. The report does not provide a breakdown of different sources of renewables.
Renewable energy sources, including biofuels, are projected to reach a 6 percent share of global primary energy by 2030, an increase from 2 percent in 2011. According to BP, growth in renewables will initially be led by the E.U. However, the U.S. and China will take the lead from 2020 to 2030.
A full copy of the BP Energy Outlook 2030 is available on the BP website.