Despite slower growth in energy demand, China will remain the world’s leading energy consumer until at least 2040, accounting for 22 percent of the global market, British Petroleum’s latest energy outlook shows.
Out to 2040, the country’s annual growth in energy demand will slow to an average 1.1 percent from 5.9 percent over the past 22 years, according to the annual report.
Globally, energy demand is forecast to increase by around a third by 2040, driven by improvements in living standards, particularly in India, China and across Asia.
In addition, China is the world’s largest source of growth in energy production out to 2040, boosted by rapid growth in renewables and nuclear power.
Between 2017 and 2040, energy production in China is set to increase 29 percent, slightly lower than the global average of 32 percent.
As the country continues to adjust to a more sustainable pattern of economic growth, China’s share of coal use will decline sharply over the outlook period, falling from 60 percent in 2017 to around 35 percent in 2040.
Over the same period, its use of natural gas will likely double to 14 percent and that of renewables will jump to 18 percent in 2040 from 3 percent in 2017, according to BP’s forecast.