Renewable energy to out-grow oil, says BP analysis

20th Jan 2012

Emerging economies and improvements in efficiency will help renewable energy become the fastest growing source of power within the next two decades, a new study has found.

According to the latest report from global oil company BP, renewable energy generation is set to increase internationally by eight per cent each year until 2030.

Released yesterday (January 19), the Energy Outlook 2030 report outlines the company's projections of future energy trends based on the world economy, current policies and technology.

The research found that population increases in the populations of non-OECD (Organisation of Economic Co-operation and Development) countries will account for 93 per cent of the growth in energy consumption in the next 18 years.

While energy demand around the world is likely to exceed 39 per cent within the next 18 years, the contribution to energy growth of renewables including solar power is expected to rise to 18 per cent – up from 5 per cent in 2010.

BP group chief executive Bob Dudley believes that it was the company's responsibility to share the important information in order to encourage debate and action.

"What producers, governments and consumers all want is secure, affordable and sustainable energy. But on a global scale, this remains an aspiration," he said yesterday (January 19).

"And to meet that aspiration over the next two decades, we need smart, market-oriented policies to deliver the energy we need in a manageable way – without inhibiting economic development or jeopardising the improvements in living standards now being experienced by billions of people worldwide."

Based on BP's projections, the significant increase in the use of renewable energies as a replacement for coal and oil could see the Western Hemisphere become almost entirely energy self-sufficient by 2030.

BP expects that the European Union will lead renewables growth for the next decade, but will be overtaken by the US and China as largest sources of development from 2020.

Following on from this, over the 2020-30 period non-OECD countries will add more renewable power than their counterparts who have joined the organisation, with the non-OECD increasing its share of renewable power from the current level of 22 per cent to 43 per cent by 2030.

The latest report is only the second time the company has made its view available to the public.

Posted by Mike Peacock – Solar correspondent

All solar power news categories

Government Rebate & Regulations
Solar Power & Technology


More Solar Power & Technology

Australia to be a part of huge Asian renewable energy growth
SunPower steps up to make solar more affordable
Canberra makes strides toward carbon neutrality
GTM puts solar's massive growth in perspective
Examining Australia's falling solar PV rooftop prices
Australia's shift toward renewable energy picks up the pace
Australia shines at solar decathlon
University of Queensland tapped as lead researcher on massive solar project
100 per cent renewable energy is possible in 10 years, environmental group says
Climate Commission releases report on solar progress
Aussie government actually shows spine for solar power
Be gone, skeptics: One million solar installations and counting
Australia embarks on its greatest solar journey ever
Australia looks to solar thermal for commercial success
Solar power helps King Island reach 100% sustainability
Australians 'heavy supporters of solar power'
Mildura solar plant officially unveiled
Solar power trumps other renewables in Australian minds
Sunshine Coast solar farm "fantastic initiative"
Sunshine Coast cashes in on namesake with solar plans
Energy storage 'could maximise solar power utility'
Solar powered family car - a world first?
Code of conduct for solar installers in the works
'Stop punishing households' for solar PV
Australian solar companies 'adjusting well'
Australian mining 'next solar frontier'
"Rooftop revolution" underway across Australia
Global PV market emerging from sluggish period
Royalla solar farm receives final approval
Leadership challenge a "debacle" for Australian solar power
Solar power giving global renewables a helping hand
Australia's largest CPV solar power plant up and running
Renewable energy misinformation "staggering"
CEC: Don't underestimate consumer desire for solar
Setting energy efficient examples on TV
Solar PV brightening up household bills
World's largest solar powered boat on the move
Climate change is heating up
The global solar power shift
New solar tech win for NSW
Industry orgs praise City of Sydney solar efforts
Clean Energy Council supports Regional Renewables scheme
Asian nations emerging as PV leaders
Solar PV demand continues to grow
Regional areas of Australia to receive more renewables
Australia's significant renewable energy growth
Solar panel reprieve for Queensland
New funding for solar research
Find love with sustainable speed dating
New Victorian solar power deal
 To get your quotes, please enter your postcode: