According to Exxon Mobil Corp, global energy consumption will rise 32% by 2040, as population growth drives demand for fuels to run power plants, trains, trucks and airplanes.

India will lead the growth as energy use in the south Asian nation more than doubles by 2040, Exxon said in the long term outlook it publishes annually. According to the forecast, Africa, Latin America and the Middle East also will see increases in energy demand, while fuel consumption will decline in the US and Europe

Texas-based Exxon said that nuclear power’s contribution to the world’s energy supply will almost double by 2040. Natural gas use will rise 62%, displacing coal as the second largest fuel supply behind crude oil. Coal consumption will drop 6%.

Mr Rex Tillerson chairman and CEO of Exxon said in the report that “The scale of the challenge is enormous and requires an integrated set of solutions and the pursuit of all economic options.”

The base year for the demand estimates was 2010. Exxon compiles the outlook annually to guide long-term investment decisions.

Demand for renewable energy will more than quadruple by 2040, the report said. Oil, gas and coal will comprise 78% of global fuel supplies in 2040, according to the report. Biomass, hydroelectric and renewables such as wind and solar will contribute 15% of supplies. Nuclear will meet about 8 percent of demand.

According to the report, crude will continue to be the dominant source of transportation fuels in 2040, accounting for 89% of the market.

(Sourced from Bloomberg)