China's renewable energy is expected to account for more than 30% of the world's total in 2040

The “BP World Energy Outlook (2018 Edition)” (hereinafter referred to as “Outlook”) released in Beijing on the 11th predicted that as China’s energy structure continues to evolve, by 2040, the proportion of coal in primary energy will be from 2016. 62% fell to 36%, while renewable energy will climb from 3% in 2016 to 18%, which will account for 31% of global renewable energy. During the period, China will achieve carbon emission peaks around 2026. This annual edition of the international authoritative energy report points out the driving force of global energy transition and key uncertainties before 2040. Dai Sipan, chief economist at BP Group, said that most of the arguments in the "Outlook" are based on the "gradual transition" scenario, which assumes that the evolutionary pattern and speed of government policies, technologies, and social preferences will be similar to the past, rather than mutating. The Outlook also explores the global scenario of bans on the sale of ICE vehicles from 2040 onwards. Under this scenario, the daily demand for liquid fuel will be reduced by about 10 million barrels; but even so, the oil demand in 2040 under the ICE prohibition scenario The amount is still higher than 2016. “Some people think that the rapid growth of electric vehicles will lead to the collapse of oil demand. However, the rapid growth of electric vehicles, this view can not be supported by basic data.” Dai Sipan explained.

Update / New Products

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