Global energy demand to rise at a slower pace over the next 20 years, BP forecasts

Global energy demand is likely to grow at a much slower rate over the next couple of decade than it did up until now, a recent report published by oil giant BP has recently revealed.

According to the BP Energy Outlook, while the global demand for energy has risen by an astounding 55% over the past 23 years, the ascending trend is likely to slow down a bit over the next couple of decades. In fact, the company estimates that demand will only rise by 41% between now and 2035.

The demand will continue to grow at a very fast rate within developing countries, but it will be balanced by a very slow growth level within advanced economies, such as North America and Europe.

Furthermore, the report by BP suggests that oil, natural gas and coal are expected to account for more than 80% of energy use by 2035, with renewables and other sources accounting for the rest.

BP’s chief economist, Christof Ruhl, believes that energy efficiency is one of the key factors leading to a slower increase in energy demand.

“Put simply, people are finding ways to use energy more efficiently because it saves them money,” he said.

“This is also good for the environment – the less energy we use the less carbon we emit.”

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