In a recent report called “Energy Perspectives” published by Statoil, a Norwegian multinational oil and gas company, company’s experts predict that global primary energy demand will grow by 40% by 2040. Now, the EIA’s International Energy Outlook 2013 (IEO2013) projects that world energy consumption will grow even more—by 56% between 2010 and 2040, from 524 quadrillion British thermal units (Btu) to 820 quadrillion Btu.
According to the EIA, most of this growth will come from non-OECD (non-Organization for Economic Cooperation and Development) countries, where demand is driven by strong economic growth.
Renewable energy and nuclear power are the world’s fastest-growing energy sources, each increasing 2.5% per year. However, fossil fuels continue to supply nearly 80% of world energy use through 2040. Natural gas is the fastest-growing fossil fuel, as global supplies of tight gas, shale gas, and coalbed methane increase.
The industrial sector continues to account for the largest share of delivered energy consumption and is projected to consume more than half of global delivered energy in 2040. Based on current policies and regulations governing fossil fuel use, global energy-related carbon dioxide emissions are projected to rise to 45 billion metric tons in 2040, a 46% increase from 2010. Economic growth in developing nations, fueled by a continued reliance on fossil fuels, accounts for most of the emissions increases.