The report is from the company’s “Outlook for Energy: Journey to 2040.”
It says global demand is set to rise by 25 per cent with India and China comprising 45 per cent of the world energy demand growth.
It says billions of people joining the middle class will lead to greater travel, additional cars on the road and increased commercial activity to deliver goods and products.
“With so much more haul, commercial transportation energy demand would be up to 50 per cent.
“Also, with population growth up 25 per cent, global emissions only rise by 10 per cent, with emissions peaking in the 2030s and then declining.”
According to the outlook, it is because:
There will be more efficient buildings;
there will be gains in transportation fuel economy;
advances in manufacturing and power plant efficiencies; and,
Shifts to less carbon-intensive energy like natural gas, nuclear and renewables.
“Natural gas will comprise 25 per cent of all demand in 2014, surpassing coal.
While 85 per cent of global natural gas resources are untapped, which is enough to supply current global demand for more than 200 years.
“Global government policies aimed at reducing carbon dioxide emissions will continue to impact the energy mix.
“Demand will shift toward less carbon-intensive fuels like natural gas, renewables and nuclear.”
It says by 2040, natural gas will meet 25 percent of energy demand.
“By 2040 nuclear and renewables will grow 50 per cent approaching 25 percent of energy demand.”