BP, the oil and gas major, has significantly increased its global outlook for wind and solar energy. The main scenario in the company’s latest annual “Energy Outlook”, released yesterday, shows renewables rising four-fold to 2,000 million tonnes of oil equivalent (Mtoe) by 2035. This is an upwards revision of around 400Mtoe compared to last year’s main forecast. The projections also show, for the first time, global oil demand peaking by 2040. Oil remains the world’s largest fuel source, however. This 2018 edition of BP’s outlook also projects coal will peak before 2030, an even earlier projection than it gave last year.
Carbon Brief 21st Feb 2018 read more »
We’ve just posted a research brief explaining through a telling combination of charts (and some written analysis) how the fast-growing uptake of wind and solar around the world continues to shape electricity-generation trends. The phenomenon is unfolding across diverse groups of markets that include ones in Latin America, the Middle East, and the U.S. We note in the brief— “Cheap Renewables Are Transforming Global Electricity Business”—how installations of wind and solar totalled almost 155 gigawatts (GW) last year, actually outpacing coal-fired power plant development. We also note how lowest bids for solar dropped a remarkable 50 percent from records set in 2014 and 2015, as solar power continued its long-established expansion.
IEEFA 21st Feb 2018 read more »