Renewable energy is set to become the largest source of electricity generation by 2040, according to the ‘BP Energy Outlook 2019’.
The projection is based on government policies, technologies and societal preferences evolving in a similar manner and speed to the recent past, the report said.
Some 85% of growth in energy supply would come from clean sources, as well as natural gas, BP said.
“The pace at which renewable energy penetrates the global energy system is faster than for any fuel in history,” it added.
However, global carbon dioxide emissions will continue to rise, despite the increase in renewables, the outlook said.
This signals the “need for a comprehensive set of policy measures to achieve a substantial reduction in carbon emissions”.
The demand for energy will be driven by improvements to living standards, particularly in China, India and across Asia, BP said.
Industry and buildings will account for three-quarters of the growth, with energy demand from transport slowing relative to the past because of vehicle efficiency gains.
BP group chief executive Bob Dudley said: “The outlook again brings into sharp focus just 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.”