BP has today offered its most upbeat assessment to date of the propsects for the clean energy sector, acknowledging that a low carbon transition is underway, while highlighting stellar growth rates for the renewable energy industries and predicting the rate of emissions growth over the next 20 years will halve compared to the previous 20 years. However, any cause for celebration among environmentalists will prove short-lived as the oil giant also predicted global carbon emissions will rise by 20 per cent through to 2035, far exceeding emissions goals compatible with less than 2C of warming. BP expects renewables to account for a quarter of global primary energy growth out to 2035 and over a third of the growth in global power generation. In contrast, the coal industry is predicted to continue its recent crisis, with BP projecting its share of the global energy mix will fall below 25 per cent in 2035 – its lowest level since the Industrial Revolution. The report said the continued shift from coal to gas and renewables means the recent trend whereby emissions growth and economic growth have decoupled will continue over the next two decades.
Business Green 10th Feb 2016 read more »