Renewable energy alone will not be sufficient to cater to Britain’s energy needs for the next decade, BP chief executive Tony Hayward has warned.

BP chief executive Tony Hayward was quoted by The Independent as saying the UK should not underplay the role of natural gas and energy conservation in reducing carbon emissions.

According to estimates by the oil major, global energy use will double by 2050, requiring investment of $1tn a year.

This demand cannot be met by the “very ambitious” nuclear programme and planned increases renewable energy capacity, he said.

“As of today, all the world’s wind, solar, wave, tide and geothermal energy accounts for around 1% of total consumption.”

“Given the practical challenges of scaling up such technologies, the International Energy Agency cannot see them accounting for much more than 5% of consumption in 2030,” Hayward said in a speech at the London Business School.