BP: Renewable energy will outpace oil growth in 2030

Renewable power sources will outpace oil as global energy demand surges nearly 40% in the next 20 years, according to an industry forecast released Wednesday by energy giant BP.

Most of the expected increased in energy demand will come from emerging economies such as China, India, Russia and Brazil, according to "BP Energy Outlook 2030." Such non-OECD countries (Organization of Economic Co-operation and Development), which will account for 93% of the demand growth, will boost their share of demand from just over half currently to two-thirds.

At the same time, energy efficiency and diversification will increase. From 2010 to 2030, the report says, renewable energy sources (solar, wind, geothermal and biofuels) will increase their contribution to energy growth from 5% to 18%. In contrast, coal and oil are likely to lose market share and natural gas is projected to be the fastest growing fossil fuel.

The analysis is the first that BP, criticized for its key role in the massive Gulf of Mexico oil spill last year, has published, although the company says it has produced 60 years of historical data in its own BP Statistical Review of World Energy.