A 40% increase in global energy demand over the next 20 years will fuel 1% annual growth in greenhouse gas emissions, putting the world “well above” a trajectory that would offer 50% odds of averting runaway climate change, according to the annual energy outlook released Tuesday by BP.
The global oil giant assumed the world economy would double by 2035, and that two-thirds of the resulting energy demand would be met by oil, natural gas, and coal, producing a 25% increase in emissions over the two decades. It projected that renewable energy would only supply 8% of total energy demand.
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“The projections highlight the scale of the challenge facing policy makers at this year’s UN-led discussions in Paris,” said BP CEO Bob Dudley. “No single change or policy is likely to be sufficient on its own.”
According to Environmental Leader, BP is calling for a “meaningful global price on carbon” to put a dent in growing emissions.
