The International Energy Agency (IEA) released its World Energy Outlook 2017 in November, providing global energy market projections through 2040. The outlook assumes that governments will stick to the pledges they made on energy, including India and China's pledges to move away from fossil fuels and the United States' to reduce its demand for oil through fuel economy improvements for cars and trucks. Despite the pledges, IEA predicts that global energy demand will increase by 30 percent by 2040, which is equivalent to adding another China and India to today's global energy demand. It predicts that the global economy will grow at an annual average rate of 3.4 percent and that population will expand from 7.4 billion today to more than 9 billion in 2040. The largest contribution to demand growth--almost 30 percent--comes from India, whose share of global energy use increases to 11 percent by 2040, but below its 18 percent share in the expected global population. Southeast Asia's energy demand is expected to grow at twice the pace of China, resulting in Asia accounting for two-thirds of global energy growth. The Middle East, Africa and Latin America account for the other one-third. The IEA sees four major shifts in the global energy system: the rapid deployment and falling costs of clean energy technologies, the growing electrification of energy, the shift to a more services-oriented economy and a cleaner energy mix in China and the resilience of shale gas and tight oil in the United States.

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