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Renewables cannot meet the global demand for energy alone
…Oil will dominate the sector for decades to come
The warming of the earth has raised much concern over the use of fossil fuels like oil and gas, and their impact on a world that is less and less habitable for humanity, the hotter it gets.
Energy Advisor, Anthony Paul
Those concerns have cemented the position of renewable energy sources as a must-have for future generations, with activists like the young Greta Thunberg passionately leading the charge.
Wind, solar and hydropower are fast growing energy providers, and they are projected by the report to become much cheaper in the coming years. Yet, it also projects that energy demands will grow by one percent every year in its projections to 2040.
Many hold the view that the greed of oil companies is a major factor keeping the fossil fuel industry alive and growing, but the Paris-based International Energy Agency (IEA) has revealed in its World Energy Outlook 2019 that greed is not the only thing.
The IEA report states that the increasing global demand for Energy indicates has informed its view that fossil fuels will be around for a very long time.
That’s good news for a country like Guyana, which has only recently started producing oil. President David Granger has identified December 20 as National Petroleum Day, to mark Guyana’s new status as a Petrostate.
A question hot on the minds of many, including environmental enthusiasts and oil executives would be – How long until the Petroleum industry loses its relevance? The IEA has answered, stating that the Petroleum sector will not only grow considerably, but that it could stay relevant with the growing demand for energy.
The IEA’s report notes that the world’s population continues to grow at a high rate, and that that is why there is a fast growing demand for energy. The global supply of energy from renewable sources like wind and solar power has been on the rise, but it has not been growing fast enough.
Though they will one day, far into the future rise to a status that rivals the fossil fuel industry, due to the current demand for energy, fossil fuels will remain dominant.
In an interview with Kaieteur News, Energy Advisor Dr. Anthony Paul said that he is on board with efforts to reduce emissions, but his assessment is similar to that of the International Energy Agency.
Dr. Paul believes that for the next two to three decades, fossil fuels are necessary to meet the growing global demand for energy. Even then, when the world begins to phase out the fossil fuel industry, the first to go will be coal, as it is the most destructive to the environment, the Energy Advisor said.
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