In its annual energy outlook (PDF) released Thursday, the Texas-based oil giant predicts that by 2040, global energy demand will increase by 35 percent.
“Fortunately, the world not only holds a vast and diverse array of energy resources, but we also possess increasingly advanced technologies that can safely and reliably supply this energy,” the report reads.
Exxon has been dismissive of renewable energy. And while the company does not expect solar and wind power to play a large role in the future energy economy, it does predict 150 percent growth in the renewable sector.
"Renewable energy supplies — including traditional biomass, hydro and geothermal as well as wind, solar and biofuels — will grow by close to 60 percent, led by increases in hydro, wind and solar. Wind, solar and biofuels are likely to make up about 4 percent of energy supplies in 2040, up from 1 percent in 2010. We foresee wind and solar providing about 10 percent of electricity generated in 2040, up from about 2 percent in 2010."
"The shift away from coal and toward natural gas, nuclear and renewables in the power generation sector is an important contributor to the projected slowdown in global energy-related CO2 emissions,” the report reads.
Read More.....
