Fossil fuels falter as renewable energy continues to grow

BP announced yesterday in their annual Energy Outlook report that over the next two decades the renewable sector will continue to be the fastest growing in the global energy market.  Growth is expected at an average of eight per cent a year up to 2030 which is much higher than the predicted growth for natural gas at two per cent a year. However, despite the increase in demand for energy, which is predicted at 39 per cent over the period, renewables will still only account for 19 per cent of the global energy output compared to fossil fuels 81 per cent. The report warned that, without major technological breakthroughs, the roll-out of green technologies will fail to deliver net reductions in greenhouse gas emissions. Global CO2 emissions could rise by 28 per cent over the next two decades, although with more aggressive policies we could see a decline by 2030. “This report is by turns challenging, fascinating and stimulating for anyone in the energy business. It helps us to be both realistic and optimistic,” said BP chief executive Bob Dudley in a statement. “It shows there are things we can’t change, like the underlying drivers of energy demand, and things we can change, like the way we satisfy that demand.”