Global Energy Demand

Global energy consumption is expected to increased by 1.6% CAGR from 1990-2035F. In 2009, world energy consumption decreased for the first time in 30 years by -1.1%, as a result of the financial and economic crisis.The most rapid growth in energy demand is forecasted in non-OECD countries, 84% compared to 14% for OECD. The increase is driven by an expected rapid and enduring GDP growth. Fossil fuels (liquid fuels and other petroleum, natural gas and coal) are expected to be the dominant fuel, even though renewables are forecasted to have the fastest growth rate (2.4% CAGR between 1990-2035F). The trend towards renewables is driven by international agreements on climate change, reforms of inefficient fossil fuel subsidies and fiscal stimulus incentive packages.