Challenges of the Energy Sector
- Jan 22, 2021 4:27 am GMT
This item is part of the State of the Industry 2021 SPECIAL ISSUE, click here for more
The current scenario looks better than 0.1% growth in China and 0.5% expansion considering the primary energy consumption growth by 2.5% between 2018 & 2050 globally. Similarly, the oil consumption would double to 10 million barrels by 2050 and gas demand from 58 to 357 billion cubic meters. Although the partial pandemic impact persists, global energy demand continues to grow perhaps driven by increasing prosperity. But, the increasing share of renewable energy over fossil fuels would be the shift that the world is likely to witness. This transition to low carbon energy system will be the fundamental restructuring with diverse energy mix, consumer choice, localized energy markets and increasing levels of integration.
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