India will by mid-2020s surpass China as the world’s largest energy growth market, accounting for over a quarter of incremental global demand, UK supermajor BP said in its annual energy outlook.
The 2019 edition explores the key uncertainties that could impact the shape of global energy markets out to 2040. “The greatest uncertainties over this period involve the need for more energy to support continued global economic growth and rising prosperity, together with the need for a more rapid transition to a lower-carbon future. These scenarios highlight the dual challenge that the world is facing,” it said.
Global energy demand is expected to increase by around a third by 2040, driven by improvements in living standards, particularly in India, China and across Asia. This will be met mostly by natural gas, which is expected to overtake coal as the second largest source of energy by the mid-2020s and converging on oil by 2040, the report said.
