ANKARA
Energy demand will increase 35 percent by 2040, as oil will remain the top energy source and natural gas will be used more commonly, said the U.S. energy giant ExxonMobil in a report on Tuesday.
According to the report titled "2015 Outlook for Energy: A View to 2040," expansion of emerging economies and an increase of the world population by 2 billion will be the main factors behind the increase in demand.
Energy demand will be affected largely by the middle class expansion in China and India, said the report.
Oil
ExxonMobil expects carbon-based fuels to provide nearly three quarters of global energy needs by 2040, while oil is expected to remain as the top energy source. Demand for oil will increase by 30 percent.
North America is projected to be a net exporter of oil by 2020, overtaking Russia and the Caspian basin, adds ExxonMobil.
Asia-Pacific's net oil imports are expected to increase by 80 percent by 2040, It will surpass Europe as the world's biggest gas importer as demand is projected to increase by 170 percent.
Natural gas
Natural gas is expected to be preferred for its lower emissions and will likely be the fastest-growing major fuel source by 2040, overtaking coal, and accounting for a quarter of global energy use.
ExxonMobil predicts that the increasing demand in natural gas will be met with new supplies, as unconventional gas production quadruples and liquified natural gas trade triples by 2040.
Other energy sources
The company expects nuclear energy to increase 75 percent in the next three decades, led by China and growth in the Asia-Pacific region.
In addition, renewable energy like wind, solar and biofuels will be the fastest-growing energy sources with a 6 percent annual increase through 2040, accounting for 15 percent of energy demand.
Meanwhile, the United Nations’ climate change summit in Peru is still ongoing. At stake is the onset of planet-altering impacts of climate change if delegates from almost 200 nations do not succeed in curtailing global greenhouse gas emissions, for which carbon-based fuels are largely responsible.
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