Satisfying global demand is becoming progressively challenging. More supplies of different energy resources, including oil and natural gas, will be needed.
Projections and opportunities
- Global fossil fuel market
Fossil fuels form one of the largest markets in the world, at around USD 10 trillion based on today’s prices.
- Lack of energy access
Despite rapid energy demand growth, about 733 million people—9% of the global population—currently lack access to electricity.
- Renewable sources growing
Oil, coal, and natural gas make up about 80% of the world’s energy consumption. While the share of renewable sources is growing, the IEA projects that in 2040 fossil fuels will still make up about 70% of the global energy resource base.
- Energy consumption
The world consumes an enormous amount of energy every day, and demand in the last 35 years has risen each year but two (2009 and 2020).
- Electric cars
By 2030, the IEA projects that 20% of cars sold globally will be electric, com-pared to just 9% in 2021.
Some near-term drivers of the Energy transition include, persistent demand for all energy sources, and it also helps in improving the economics and technological innovation for alternatives.
Main contributors - James Dobson, Rudolf Leemann, Giovanni Staunovo
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