ExxonMobil expects oil will remain as the world’s primary energy by 2040.
In its latest “Outlook for Energy: Journey to 2040”, it stated oil will meet 32% of global demand during the same period.
The news follows former CEO Rex Tillerson‘s appointment as new US Secretary of State.
The oil giant added transport energy demand will grow by 25%, supporting the domination of oil during this period.
The firm expects global energy demand to increase by 25% due to a global population growth of nearly 2 billion, a doubling of worldwide economic output and rapid expansion of the middle class in emerging economies.
William Colton, Vice President of Corporate Strategic Planning of Exxon Mobil Corporation said: “As economies expand around the world, energy demand will increase as more people seek higher standards of living.”
India and China will account for 45% of all demand growth.
Natural gas is expected to surpass coal and fulfill 25% of all demand while nuclear and renewables are forecast to grow by 50% reaching almost 25% of global consumption in the next 24 years.
As a result, greenhouse gas emissions will increase by 10% peaking in 2030 and from then, start declining, the report stated.