The transition to a world powered by renewable energy is a long-term investment opportunity for the next 30 years and beyond. ABOUT THE WORLD ENERGY COUNCIL The World Energy Council is the principal impartial network of energy leaders and practitioners promoting an affordable, stable and environmentally sensitive energy system for the greatest benefit of all. Historically, energy demand has risen steadily with few interruptions, as the chart below shows. By 2018, BP’s outlook started to foresee an end to the upwards march for oil, with demand peaking by the mid-2030s. The World Energy Outlook, the IEA’s flagship publication, provides a comprehensive view of how the global energy system could develop in the coming decades. There is even greater downside risk for gas in the “net-zero” pathway, where demand peaks by 2025 and falls to 36% below 2019 levels by 2050. CEO Bernard Looney has set out ambitious plans for the oil company, Fatih Birol, said he “would not be surprised”, BP’s renewable energy’s share of global energy in 2040. Part of this year’s shift from BP is down to the coronavirus pandemic, seen clearly in the charts above, where demand in 2020 is estimated using International Energy Agency (IEA) forecasts. Find out about the world, a region, or a country, Find out about a fuel, a technology or a sector, Explore the full range of IEA's unique analysis, Search, download and purchase energy data and statistics, Search, filter and find energy-related policies, Shaping a secure and sustainable energy future, Unlocking the economic potential of rooftop solar in India, Energy efficiency in the time of Covid-19: supporting the economic recovery in emerging Asia, 2nd Global Ministerial Conference on System Integration of Renewables, Clean Energy Ministerial Hydrogen Initiative, Clean Energy Transitions in Emerging Economies, Global Commission for Urgent Action on Energy Efficiency. The Agency has projected that the installed solar power in the world will increase by 3,142 GW by 2040. The usual long-term modelling horizons are kept but the focus for the World Energy Outlook 2020 is firmly on the next 10 years, exploring in detail the impacts of the Covid-19 pandemic on the energy sector, and the near-term actions that could accelerate clean energy transitions. The non-combusted use of liquid fuels, largely as a feedstock in the petrochemicals sector, is expected to increase in both the Rapid and BAU scenarios, ‎and is expected to decline below 2018 levels only in the final 10 years of the outlook in the Net Zero scenario. This decline in the energy intensity of the U.S. economy continues through 2050. ‎, The BP Outlook 2020 assumes that the scale of the economic cost and ‎disruption from COVID-19 is likely to have a significant and persistent impact on the global economy and ‎energy system. According to Current Policy Scenario, the world will continue to function with the old regulations with energy demand rising at the rate of 1.3% by 2040. The world has already passed “peak oil” demand, according to Carbon Brief analysis of the latest energy outlook from oil major BP. The three scenarios from the latest 2020 edition are shown in shades of red. In African states, the gas and renewable sources will power the future energy. The central view in the scenarios is that economic activity partially recovers from the ‎impact of the pandemic over the next few years as restrictions are eased, but that some … You can unsubscribe at any time by clicking the link at the bottom of any IEA newsletter. For the “business-as-usual” scenario, he says demand is “more resilient” and recovers to “around its pre-Covid levels” by 2025. The BP Outlook 2020 is a radical departure from other forecasts in that it assumes a global carbon tax in all three of its main scenarios and a lasting impact from COVID-19, particularly affecting the transport sector, which does not fully recover in its outlook due partly to behavioral changes. The tax is lower in the BAU scenario, with carbon prices reaching $65 and ‎‎$35 per metric ton of carbon dioxide by 2050 on average in developed and emerging economies, respectively. Previous editions of the BP outlook are shown in shades of blue. This year’s exceptional circumstances require an exceptional approach. In both the Rapid and Net Zero scenarios, wind and solar power account for similar absolute increases ‎in power generation with a faster rate of expansion in solar power, ‎supported by the assumed greater cost declines for solar. The usual long-term modelling horizons are kept but the focus for the World Energy Outlook 2020 is firmly on the next 10 years, exploring in detail the impacts of the Covid-19 pandemic on the energy sector, and the near-term actions that could accelerate clean energy transitions. While, many of these behavioral changes are likely to dissipate over time as the ‎pandemic is brought under control and public confidence is restored, some changes, such as ‎increased working from home, may persist.‎, In the Rapid scenario, the impact of the pandemic is assumed to reduce the level of energy demand by ‎around 2.5 percent in 2025 and 3 percent in 2050. It adds that demand could soon fall rapidly in the face of stronger climate action – by at least 10% this …