BHP Billiton Announces Record Financial Results

British oil major BP issued its annual energy outlook and reported that rising energy demand in the coming decades will cause increasing carbon emissions despite efforts to draw them down.

BP projects that the growing global economy will cause energy demand to rise 40% in the next twenty years and two-thirds of the demand will be met by coal, oil and natural gas, leading to a 25% increase in carbon emissions. The growth of renewables leads to a shift in the overall mix, but they will only account  for 8% of energy demand by 2035.

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“Fossil fuels are projected to provide the majority of the world’s energy needs, meeting two-thirds of the increase in energy demand out of 2035,” BP chief executive Bob Dudley said. “However, the mix will shift. Renewables and unconventional fossil fuels will take a larger share, along with gas, which is set to be the fastest-growing fossil fuel, as well as the cleanest, meeting as much of the increase in demand as coal and oil combined.

“Meanwhile, coal is now expected to be the slowest-growing fuel, as industrialisation in emerging Asian economies slows and environmental policies around the globe tighten.” – As reported by the Guardian

bp emissions