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Author Topic: The Big Picture of Renewable Energy Growth  (Read 18124 times)

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Re: The Big Picture of Renewable Energy Growth
« Reply #195 on: June 07, 2016, 10:32:08 pm »
Oil demand to peak in 2030 as energy experts slash forecasts

McKinsey has slashed their forecasts for the world’s energy use even as global economic growth climbs

By Jillian Ambrose  6 June 2016 • 5:33pm   

Global oil demand could  peak by the end of the next decade  even as global economic growth climbs.

The latest downward revision to forecasts, from consulting firm McKinsey, could  leave major new investments uneconomic if demand for energy fails to meet expectations.

McKinsey said it has cut its forecast for growth in demand  to 0.8pc a year to 2040, “well below mainstream base case perspectives”, including its own estimate of 1.1pc made last year. 

Demand for oil is expected to grow even more slowly  beyond 2025, with the research pointing to a possible  peak of 100m barrels a day by 2030, from current levels of 94m.


“Major investments in the energy system may no longer be needed and some could be at risk of being stranded” McKinsey Energy Insights

The  industry is mired in debt  after the plunge in oil prices in recent years.

McKinsey’s Occo Roelofsen said despite an expected increase in global population of around 36pc, and a doubling in global gross domestic product (GDP), shifting energy sector dynamics are set to depress energy demand.

“ This change is driven by three factors: first, overall GDP growth is structurally lower as the population ages; second, the global economy is shifting away from energy-intense industry towards services; and third, energy efficiency continues to improve significantly,” he said. “Peak oil demand could be reached around 2030. ”

Meanwhile growth in electricity demand will outstrip other sources of energy by more than two to one, due to the steady “electrification” of building and industry in China and India.

Almost 80pc of the capacity needed to meet this  increase will be  from solar and wind power
, McKinsey predicts. 

Video at link below:


Rob not the poor, because he is poor: neither oppress the afflicted in the gate:
For the Lord will plead their cause, and spoil the soul of those that spoiled them. Pr. 22:22-23


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