Renewable energies will be the world’s main source of power within two decades and are establishing a foothold in the global energy system faster than any fuel in history, according to BP.
The UK-based oil company said wind, solar and other renewables will account for about 30% of the world’s electricity supplies by 2040, up from 25% in BP’s 2040 estimates last year, and about 10% today.
In regions such as Europe, the figure will be as high as 50% by 2040. The speed of growth was without parallel, the company said in its annual energy outlook.
While oil took almost 45 years to go from 1% of global energy to 10%, and gas took more than 50 years, renewables are expected to do so within 25 years in the report’s central scenario.
In the event of a faster switch to a low carbon economy, that period comes down to just 15 years, which BP said would be “literally off the charts” relative to historical shifts. (Source: The Guardian)