Global energy demand means the world will keep burning fossil fuels, agency warns
Economic growth and a rising global population means that renewable energy sources can't keep up with worldwide energy demand, the International Energy Agency said in its World Energy Outlook.
The world may be shifting toward renewable energy, but the pace isn't fast enough to offset the impacts of worldwide economic expansion and a growing population, the International Energy Agency warned. Rather than making a prediction about energy consumption over the next few decades, the IEA looked at three possible scenarios that will lead to different outcomes:Stated policies scenarioSustainable development scenarioWhile the outlook may seem dire, the IEA said that tectonic shifts in energy demand and consumption are possible.
This transition to renewable-focused energy will require supportive government policies. "Policy makers and regulators will have to move fast to keep up with the pace of technological change and the rising need for flexible operation of power systems," the report said. Under the stricter sustainable development scenario — which would require trillions in investments — energy demand would peak before 2040 thanks to a "relentless focus on improving efficiency."A growing demand for renewable sources of energy, coupled with rising fuel efficiency and a transition to electric vehicles, will hit the oil sector. Under the stated policies scenario the IEA said that demand for oil would slow over the next decade, before flattening by the 2030s.
"Aggregate fossil fuel production falls precipitously by 2040 … Natural gas output rises by around 8% to 2030 before falling below today's levels in 2040. Oil production peaks in the next few years and drops to 65 million barrels per day as the shift to alternative modes in the transport sector takes away its main demand base," the report said.
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