Energy forecast sees fossil fuels as dominant source

Fossil fuels will still meet more than four-fifths of global demand for energy despite a rise in demand of nearly 40 per cent between now and 2030, according to BP's 2030 Energy Outlook, published last month.

The growth in demand will largely come from outside the Western developed economies. And even with renewable sources such as biofuels growing at eight per cent a year, their impact on overall consumption will remain limited, the document claims.

However, the exploitation of shale oil and gas, and deepwater fields, will render Western countries largely self-sufficient in energy, while the Middle East will increasingly supply the developing world instead.

Meanwhile, wholesale gas prices hit a six-year high last week, as the cold snap across Europe drove up consumption. Gas has been trading at 79p per therm.

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