EIA projects growth in world energy consumption

by | Sep 14, 2017 | 5 Ag Stories, News

The U.S. Energy Information Administration (EIA) released the International Energy Outlook Thursday. The report, outlining the future of international energy consumption, predicts world energy consumption to increase by 28%, reaching 736 quadrillion British thermal units (Btu) by 2040.

Additionally, EIA predicts an increase in transportation energy use. The Administration expects transportation energy use to increase by 30% between 2015 and 2040.

Ian Mead is Assistant Administrator for Energy Analysis with the U.S. Energy Information Administration. Mead said EIA attributed two components to the growth.

?The first is personal transportation services,? Mead said. ?As incomes rise in many non-OECD regions, we expect a greater demand for transportation services. There is also a freight component associated with this. To meet the needs with rising standards of living, more shipping and transportation are needed to get goods and services to final customers. As the producers of these countries become further integrated in global supply chains, more transportation is needed in that aspect as well.?

The report also notes renewable energy as the world?s fastest-growing energy source. Mead said renewable energy is expected to increase by an average 2.8%/year between 2015 and 2040.

?To put into perspective, nuclear energy is the second fastest-growing source at 1.5% and liquid fuels increases by 0.7% on average, over the period,? Mead said. ?Despite the large growth in renewables, fossil fuels remain dominant. At the end of the projection, they continue to supply three-quarters of the world?s energy needs.?

By 2040, renewables will provide the largest share of world electricity generation ? a substantial change from 2015, when coal provided 40% of all power generation. Two large sources contributing to the increase in world electricity generation from renewable energy include hydropower and wind. The sources will account for two-thirds of the total increase from 2015 to 2040, increasing by 1.8 trillion kilowatthours (kWh).