From the 1970's to 2040: How fast is renewable energy progressing? (From an Oil Company's Point of View)

BP Outlook: How Fast Will Renewable Energy Grow?

Technological progress and strong policy support are fueling the fast growth of renewable energy, which BP (NYSE: BP) said could increase five-fold to account for about 14% of the world's primary energy consumption mix by 2040.

 From article, (Technological progress and strong policy support are fueling the fast growth of renewable energy, which BP (NYSE: BP) said could increase five-fold to account for about 14% of the world’s primary energy consumption mix by 2040.

Renewable energy, which was pegged as the fastest-growing fuel source, could also expand its share of the global power generation mix from 7% today to about a quarter during the same time frame, according to Evolving Transition (ET) scenario of BP’s Energy Outlook 2018. The ET scenario assumes the pace and nature of governmental policies, technologies and societal preferences will be similar in the future to those of the recent past.

“In the ET scenario renewables gain share in the power sector faster than any energy source in history, the closest parallel being the rapid buildup of nuclear power in the ‘70s and ‘80s,” BP group chief economist Spencer Dale said during a recent webcast on the company’s latest outlook. “But despite that, there must be a chance that renewables will continue to surprise on the upside.”

Renewables’ share of global primary energy consumption could skyrocket from 234 million tonnes of oil equivalent (MMtoe) in 2010 to 2,527 MMtoe in 2040. The anticipated growth is substantial, considering the figure was 2 MMtoe in 1970.)

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