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According to the BP Energy Outlook, renewables will be the fastest-growing energy source by 2040, accounting for about half of energy growth, and will penetrate the global energy system
faster than any fuel in history.
According to the report, almost all of the growth in electricity demand is due to developing economies
dominated by China and India.
Demand growth in Organisation for Economic Cooperation and Development (OECD) countries was much smaller, reflecting slower growth in more mature advanced economies and a weaker
response of electricity demand to economic growth.
At the same time, the global power generation resource mix will also undergo major changes during the forecast period, renewable energy will continue to replace the share of coal, nuclear energy and hydropower, and the share of natural gas will be roughly flat, about 20%.
The report notes that in a changing transition scenario, renewables account for about two-thirds of the increase in electricity generation by 2040, and their share of the global power sector will increase to around
30%.
In contrast, coal's share has declined significantly, and by 2040, renewables will become the main energy source
for the global power sector.
The growth of renewables will be led by developing countries, with China, India and the rest of Asia accounting for almost half
of the global growth in renewable energy generation.
By mid-2020, India is on track to overtake China as the world's largest growth market, accounting for more than
a quarter of global energy demand growth.
However, China is still expected to be the largest energy market, roughly twice
as large as India by 2040.
In India, capacity additions for renewable energy projects fell from 15 GW in 2017 to 14 GW
in 2018 due to the cancellation of multiple tenders last year, combined with tariffs and land acquisition.
Solar photovoltaic power generation is an important factor
in increasing renewable energy capacity.
In April 2019, Mercom reported that government agencies at all levels and state-owned power companies had cancelled nearly 5 GW of solar project tenders
since the beginning of 2018.
In addition to the cancellation of tenders, uncertainties surrounding the imposition of safeguard tax and GST have hindered the development of
various projects across the country.
According to the BP Energy Outlook, renewables will be the fastest-growing energy source by 2040, accounting for about half of energy growth, and will penetrate the global energy system
faster than any fuel in history.
According to the report, almost all of the growth in electricity demand is due to developing economies
dominated by China and India.
Demand growth in Organisation for Economic Cooperation and Development (OECD) countries was much smaller, reflecting slower growth in more mature advanced economies and a weaker
response of electricity demand to economic growth.
At the same time, the global power generation resource mix will also undergo major changes during the forecast period, renewable energy will continue to replace the share of coal, nuclear energy and hydropower, and the share of natural gas will be roughly flat, about 20%.
The report notes that in a changing transition scenario, renewables account for about two-thirds of the increase in electricity generation by 2040, and their share of the global power sector will increase to around
30%.
In contrast, coal's share has declined significantly, and by 2040, renewables will become the main energy source
for the global power sector.
The growth of renewables will be led by developing countries, with China, India and the rest of Asia accounting for almost half
of the global growth in renewable energy generation.
By mid-2020, India is on track to overtake China as the world's largest growth market, accounting for more than
a quarter of global energy demand growth.
However, China is still expected to be the largest energy market, roughly twice
as large as India by 2040.
In India, capacity additions for renewable energy projects fell from 15 GW in 2017 to 14 GW
in 2018 due to the cancellation of multiple tenders last year, combined with tariffs and land acquisition.
Solar photovoltaic power generation is an important factor
in increasing renewable energy capacity.
In April 2019, Mercom reported that government agencies at all levels and state-owned power companies had cancelled nearly 5 GW of solar project tenders
since the beginning of 2018.
In addition to the cancellation of tenders, uncertainties surrounding the imposition of safeguard tax and GST have hindered the development of
various projects across the country.
