Over the next three decades, renewable energy and nuclear power will be the world's fastest-growing energy sources, each increasing by 2.5% per year, according to a new report from the U.S. Energy Information Administration (EIA). However, fossil fuels will continue to supply almost 80% of world energy use through 2040.
Almost 80% of the projected increase in renewable electricity generation will be fueled by hydropower and wind power. The report says the contribution of wind energy, in particular, has grown rapidly over the past decade, and the trend is expected to continue. Of the 5.4 trillion kilowatt-hours of new renewable generation predicted to be added over the projection period, 52% is attributed to hydroelectric power and 28% to wind.
In addition, the report says world energy consumption will increase 56% by 2040, with half of the rise attributed to China and India. World energy consumption will increase from 524 quadrillion Btu in 2010 to 820 quadrillion Btu in 2040.