Energy demand to rise by 25% by 2040

Global energy demand will increase by 25% by 2040.

That’s according to a new report by ExxonMobil which added China and India will account for almost half of the predicted growth during the same period.

The firm’s ‘Outlook for Energy: A view to 2040’ report revealed Brazil, Mexico, South Africa, Nigeria, Egypt, Turkey, Saudi Arabia, Iran, Thailand and Indonesia will account for around 30% of the projected growth in energy demand.

Nuclear and renewables will contribute for almost 40% of the growth in global energy demand by 2040, it stated.

ExxonMobil also expects fossil fuels to continue meeting almost 80% of the world’s energy needs during the same period.

Global demand for natural gas is projected to rise by 50%, it added.

Oil demand will grow by 20% to 112 million barrels a day by 2040 while coal demand will be reduced, accounting for 20% of the global energy demand.

The report added: “This decline will be led by the industrial and power generation sector as businesses improve energy efficiency and switch to fuels with lower CO2 emissions.”

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