January 16, 2014

BP projects world economy and energy to 2035

BP has its World Energy Outlook to 2035

Primary energy demand is projected to increase by 41% between 2012 and 2035, with growth averaging 1.5% per annum (p.a.). Growth slows, from 2.2% p.a. for 2005-15, to 1.7% p.a. 2015-25 and just 1.1% p.a. in the final decade.

They are expecting world GDP to triple.

According to BP Wind and solar need until about 2025-2030 to possibly pass nuclear power if there is low growth in nuclear power.

Global investment in renewable energy fell 12 percent in 2013 to $254 billion. This was the second decline in renewable investments since 2011’s record-high $318 billion. Investors and climate-policy advocates including hedge-fund billionaire Tom Steyer and former U.S. Treasury Secretary Robert Rubin called for changes to financial markets that would boost investment. Financing must double by 2020 and double again to $1 trillion by 2030. They have a target of 30% from renewable energy by 2020, but this is not detailed. "Renewable energy" is often lumped in with hydro power and biofuels. They do not look at other ways to get clean energy (like with nuclear). They just have a plan for trying to get four times more money for $36 trillion of the roughly $120 trillion that will be spent on energy.












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