In its latest annual outlook, the International Energy Agency (IEA) forecasts global energy demand to increase 30 per cent by 2040. To meet that demand, oil and natural gas consumption will remain robust over the next two decades, rising by 10 and 45 per cent respectively. Renewable energy sources including wind and solar will increase by 400 per cent. Even so, they will only meet six per cent of the world’s energy needs by 2040. By then, we can expect global consumers to still consume as much as 105 million barrels of oil a day— compared to just over 97 million barrels a day now.
Growing world requires more energy in all forms
The International Energy Agency forecasts a 30 per cent increase in global energy demand by 2040.