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An Energy Outlook Report published by BP forecasts renewables to account for 30 per cent of global electricity supply by 2040 with uptake growing faster than any other fuel to date.
The report elaborates that oil took almost 45 years to go from 1 per cent of global energy to 10 per cent, and gas took more than 50 years. However, renewables are expected to do so within 25 years.
The report sets out a range of scenarios for the future development of the energy industry that highlight both the rapid expansion of the renewables industry and the likelihood global greenhouse gas emissions will keep rising in defiance of international targets.
Thanks in part to the rise of clean power, emissions are set to grow more slowly than in previous forecasts. CO2 emissions from energy use are forecasted to grow by only 7 per cent by 2040 – last year’s report predicted a 10 per cent growth in emissions by the same date. However, this level of growth will still breach the emission reduction targets set out in the Paris Agreement.
The BP report findings are certainly in line with what we have seen, which is a greater demand for securing green energy contracts. It also highlights how fast the world’s energy systems are changing, and how the dual challenge of more energy with fewer emissions is framing the future. Meeting this challenge will undoubtedly require many forms of energy to play a role combined with a comprehensive set of policy measures to achieve a substantial reduction in carbon emissions.
To speak to a member of our procurement team regarding green energy, get in touch:
Call: 01252 560 379