U.S., Sept. 25 -- BP's Energy Outlook report considers Rapid, Net Zero and Business As Usual outcomes as befits these uncertain times but it is confident renewable energy, led by wind and solar power, will increasly sharply in all three scenarios.
Strong growth will be underpinned by continuing pronounced falls in the cost of both renewable energies as they move down their learning curves, with solar costs falling by close to 60 percent or more during the next 30 years, the report states.
Each scenario differs due to alternative assumptions about policies and societal preferences. Both Rapid and Net Zero assume a significant increase in carbon prices, which reach $250/tonne of CO2.
While demand for oil will fall over the next 30 years, t...