Analysis: BP Significantly Upgrades Its Global Outlook for Wind and Solar – Again

Renewables by far the fastest-growing fuel source over next two decades, according to oil giant, although it expects fossil fuels to still play major role.

BP, the oil and gas major, has significantly increased its global outlook for wind and solar energy.

The main scenario in the company’s latest annual Energy Outlook, released yesterday, shows renewables rising four-fold to 2,000 million tonnes of oil equivalent (Mtoe) by 2035.  This is an upwards revision of around 400Mtoe compared to last year’s main forecast.

The projections also show, for the first time, global oil demand peaking by 2040.  Oil remains the world’s largest fuel source, however.

This 2018 edition of BP’s outlook also projects coal will peak before 2030, an even earlier projection than it gave last year.

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