Release date: 1 June 2018
The transition towards a lower carbon fuel mix is set to continue.
The rapid growth in renewable energy looks set to contribute to a more diversified energy mix, according to the Emerging Transition scenario set out in BP’s Energy Outlook. If current policies and technology evolve as we have seen in the recent past, by 2040, oil, gas, coal and non-fossil fuels are projected to each provide around a quarter of the world’s energy. This would be the most diversified fuel mix ever seen.
China’s coal consumption is projected to fall over the Outlook, in sharp contrast to the past 20 years, when it provided the vast majority of the energy used to power China’s rapid industrialization. It seems increasingly likely that China’s consumption of coal has peaked.