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   at Glass.Mapper.Sc.GlassHtml.MakeEditable[T](Expression`1 field, Expression`1 standardOutput, T model, Object parameters, Context context, Database database, TextWriter writer) in c:\TeamCity\buildAgent\work\8567e2ba106d3992\Source\Glass.Mapper.Sc\GlassHtml.cs:line 540

No model set

   at Glass.Mapper.Sc.GlassHtml.MakeEditable[T](Expression`1 field, Expression`1 standardOutput, T model, Object parameters, Context context, Database database, TextWriter writer) in c:\TeamCity\buildAgent\work\8567e2ba106d3992\Source\Glass.Mapper.Sc\GlassHtml.cs:line 540

No model set

   at Glass.Mapper.Sc.GlassHtml.MakeEditable[T](Expression`1 field, Expression`1 standardOutput, T model, Object parameters, Context context, Database database, TextWriter writer) in c:\TeamCity\buildAgent\work\8567e2ba106d3992\Source\Glass.Mapper.Sc\GlassHtml.cs:line 540

No model set

   at Glass.Mapper.Sc.GlassHtml.MakeEditable[T](Expression`1 field, Expression`1 standardOutput, T model, Object parameters, Context context, Database database, TextWriter writer) in c:\TeamCity\buildAgent\work\8567e2ba106d3992\Source\Glass.Mapper.Sc\GlassHtml.cs:line 540

Global energy needs are expected to increase by around 30 per cent in the next 20 years.

Economic, social, technological and environmental forces are creating transformational change across the globe, creating opportunities for development and innovation at an unprecedented rate.

As one of the world’s leading global resources companies, with a strong portfolio of high-quality growth opportunities, BHP Billiton is well placed to support changes across the globe through the provision of the mineral and energy commodities essential to modern life and sustainable global growth and development.

Through our diversified portfolio, we are able to meet the changing needs of our customers and the resources demand of emerging economies at every stage of their growth. We think and plan in decades and generations.

The products in our portfolio are the raw materials that are used to fuel change and support an improvement in living standards for people in many parts of the world.

Today, short-term demand for commodities has slowed. Global markets are experiencing economic uncertainty, extreme volatility and geopolitical instability on top of already well supplied markets. The speed, quantum and synchronised nature of those declines have been greater than anticipated. However, we did foresee some of these trends and took a series of early actions that have prepared us well for the current low price commodity environment.

Economic, social, technological and environmental forces are creating transformational change across the globe, creating opportunities for development and innovation at an unprecedented rate.We expect the longer-term outlook for the resources we produce to improve in many parts of the world. Global energy needs are expected to increase by around 30 per cent in the next 20 years. Around two-thirds of new demand is expected to originate from Asia, with the majority from China and India. Sub-Saharan Africa is expected to see the fastest growth, albeit from a lower base.

Responding to climate change is a priority for our Company. We accept the scientific assessment by the Intergovernmental Panel on Climate Change (IPCC). BHP Billiton believes that sustainable development requires both the continued growth of emerging economies and a significant reduction in global greenhouse gas emissions.

We believe the world must pursue the twin objectives of limiting climate change to the lower end of the IPCC emission scenarios in line with current international agreements, and providing access to reliable and affordable energy to support economic development and improved living standards.

Fossil fuels are likely to continue to be a significant part of the energy mix for decades, but technology and innovation have the potential to significantly reduce global emissions and enable long-term climate goals to be met. Renewables are anticipated to become more competitive with traditional fuels in power generation, leading to a considerable increase in their share of newly installed electricity capacity, including in China and India.

Our strategic approach to climate change is underpinned by engagement with policy makers and other stakeholders, including investors, companies and non-government organisations.

A number of external factors and trends may continue to have a material impact on our financial and operational results. These factors include commodity prices, exchange rates and operating costs, as described in sections 1.8.1, 1.9.2 and 1.13.

More on the economic outlook in our Annual Report.

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