BP (NYSE:BP) -- perhaps to its great relief -- has determined that global energy consumption will continue to rise well in the double digits over the next 20-plus years. The energy giant announced the publication of its BP Energy Outlook 2035 today, in which it anticipates overall world consumption is to advance by 41% from 2012 to 2035.
Nearly all of the increase will come from emerging economies. According to BP's projections, they will be responsible for 95% of growth. Consumption in the established economies of North America, Europe, and Asia should rise slowly at first, and then taper off in the later years of the forecast period.
Although the 41% overall growth figure is significant, it is below the 55% of the preceding 23 years.