Exxon expects low-carbon boom

IRVING, Texas, Dec. 9 (UPI) -- Oil is expected to dominate the global energy mix through 2040 but the world is embracing more low-carbon alternatives, U.S. supermajor Exxon Mobil said.

Exxon Mobil in its annual outlook for energy said that, while oil is likely to remain the dominant source of energy, natural gas and energy efficiency improvements could make headway in the global energy sector.

"The outlook projects that global energy demand in 2040 will be about 30 percent higher than it was in 2010, led by growth in developing regions such as China, India, Africa and other emerging economies," the energy company said.

Exxon said growing demand for electricity is the single-greatest contributor to surging energy demand. By 2040, however, about 30 percent of the world's electricity will be generated from natural gas, signaling a long-term decline in the use of coal.

The demand for oil is expected to increase and most of that increase will be tied to transportation. The United States, China and European countries, however, have all called for more use of hybrid vehicles and improved fuel economy for new vehicles.

"Natural gas will continue to be the fastest-growing major fuel, and demand will increase by about 60 percent from 2010 to 2040," said the company in its outlook.