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BP: Renewables expected to reach 9% of fuel mix by 2035

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bp-yanFor the next few decades, oil and gas can remain the dominant form of energy powering the global expansion and there will be less coal and more gas, BP Chief Executive Officer Robert Dudley said, according to BP website.

He made the remarks during the Oil & Money Conference in London Oct.18.

Dudley recalled that in 2015, gas use grew by 1.7 percent while coal declined by 1.8 percent – the largest fall on record.

“While gas provides an increasing share of power, oil has continuing role as a transport fuel, for its huge advantages, of energy density, ease of transport and use, and the compatibility with existing infrastructure,” he added.

He noted that renewables are the fastest growing source of energy at nearly 7 percent a year – but are only expected to reach 9 percent of the fuel mix by 2035 as they are growing from a low base.

“That future is reflected in the choices we have made in BP,” said Dudley.

Oil & Money addresses current and emerging issues confronting the global oil and gas industry. This year its theme, “Boom, Bust and Beyond: Strategies for Survival,” will focus on the challenge of managing the oil price downturn and meeting the new financial, environmental and geopolitical realities facing the global oil and gas business.

Since its inauguration in 1980, the Oil & Money Conference annually gathers the most significant senior executives from the petroleum and natural gas industry across the globe and continues to set the standard for candid, high-level discussion and debate on issues of the day.

Each year Oil & Money continually attracts over 500 senior level executives from more than 43 countries.

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