Posted on: 31/01/2017
The amount of energy produced from renewable sources is expected to quadruple over the next 20 years, according to oil company BP’s annual “Energy Outlook” report.
Renewables are projected to be the fastest-growing fuel source, growing at an average rate of 7.6% each year.
BP thinks the increase will be driven by the increasing competitiveness of both solar and wind.
China is predicted to be the largest source of growth for renewables over the next 20 years, adding more renewable power than the European Union and the United States combined.
Hydrocarbons remain main source to 2035
But BP forecasts that oil and gas, together with coal, will remain the main source of energy until 2035.
Bob Dudley, BP’s Chief Executive, said: “The energy mix is shifting, driven by technological improvements and environmental concerns.
“More than ever, our industry needs to adapt to meet those changing energy needs.”
> Read BP's Energy Outlook 2017