Renewables set to grow five-fold by 2040, says BP

Improving environmental performance and becoming more sustainable are issues that are high on the agenda for many businesses and organisations at the moment.

There are many ways to go about achieving these goals, such as introducing natural ventilation and other measures that can help to reduce energy consumption in the workplace.

Another strategy that could deliver significant results for businesses is moving from traditional electricity sources to renewable energies, such as wind and solar power.

This is an approach that could become increasingly common in the coming years and decades. According to the 2018 edition of BP's Energy Outlook report, renewables will be the fastest-growing fuel source up to 2040, expanding five-fold and delivering approximately 14 per cent of primary energy.

Renewable energy markets are anticipated to grow by more than 400 per cent and account for more than half of the increase in worldwide power generation.

The research also noted that the global energy mix will be the most diverse the world has ever seen by 2040, with oil, gas, coal and non-fossil fuels each contributing a quarter of total supply.

Spencer Dale, group chief economist at BP, said: "We are seeing growing competition between different energy sources, driven by abundant energy supplies, and continued improvements in energy efficiency. As the world learns to do more with less, demand for energy will be met by the most diverse fuels mix we have ever seen."

This expansion in the power supply will provide new options and alternatives for businesses that want to ensure they are as green and energy-efficient as possible.

Physical measures such as roof stack ventilation systems, which can be particularly effective in school classrooms and office spaces, can help to minimise energy consumption by reducing the need for electrical heating and cooling units.

 

 Image: iStock/Petmal