Global energy demand will increase 35% by 2040 as middle class expands: ExxonMobil

ExxonMobil is projecting an increase by 35% percent in energy demand by 2040 due mainly to “significant growth” in the global middle class and to the expansion of emerging economies, according to a report released on December 9

The changes will come as an additional two billion people will live in the world demanding energy, the report said.

“Carbon-based fuels will continue to meet about three quarters of global energy needs through 2040,” ExxonMobil said. Renewables in total will account for about 15% of energy demand. Nuclear energy is expected to nearly double within the next 30 years with fast growth particularly in China, it added.

The expansion of the middle class in China and India “will be the largest in history and will have a profound impact on energy demand”, it said. The global middle class is expected to climb from about 2 billion in 2010 to nearly 5 billion people by 2030, it added.

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