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EcoCrops International reports that Oil Giant BP says Green Power will be Wold main power source by 2040.

BP in a recent report predicted a big increase in the demand for wood pellets, wind, and solar power.

 Further, they stated that the world’s main source of energy within the next twenty years would be from Green Energy sources.  With Green Energy accounting for at least 30% of the world’s electricity supplies by 2040 as compared to today where 10% comes from sustainable energy sources.

 In certain regions such as Europe and Asia, this figure could be as 50% by 2040.  In the report, BP stated this speed of growth was without parallel.

 In comparison, it took oil almost 45 years to go from 1% to 10% of total global energy 

 However, BP predicts that we are still going to be using lots of oil with its core scenario envisages that the demand for oil will peak by 2030.   With hydrocarbons playing a major role until 2040 which will require a substantial investment.  They predict that the expected global demand for oil and gas to be 130 million barrels per day, up from around 100 million barrels a day today. 

 BP’s CO, Bob Dudley said the aim of providing more energy while cutting emissions would require many forms of energy and would be a challenge.

 He further stated that the expected growth in renewable to be driven by government policies, technological changes and the falling costs of wind, solar and wood pellets.

 Renewables are expected to grow by 7.1% each year over the next two decades, eventually displacing coal as the world’s top source of power by 2040.

 Spencer Dale of BP said that the company expected more efficient vehicles to have more of an impact on emissions than electric cars,

 He also sees the energy demand growth in China slowing as the country’s economy moves from polluting industries to a more serviced-based economy.  With India overtaking China demand for energy by 2025.

 The impact of the trade dispute between the US and China were examined with the demand for oil being 4% lower in the next twenty years if this dispute continues.

  BP is mulling a link between carbon emission cuts and executive remuneration.

 www.ecocropsinternational.com


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