- Oct 22, 2020 2:31 pm GMT
Today, oil and gas make up about 60 percent of the global energy mix.
In 2040, despite increasing investments in renewables and concerns with emissions, oil and gas are still projected to make up about 50 percent of the global energy mix. This is a view held by major third-party sources.
Today's alternatives don't consistently offer the energy density, scale, transportability, availability - and most importantly - the affordability required to be widely accepted.
Advances in technology are necessary. Unfortunately, only 7 of 46 important technologies and sectors needed to reach the Paris Agreement goals are on track, according to the International Energy Agency (IEA), an authoritative advisory body made up of energy ministers and senior representatives from 30 member countries.
Deployment of current technologies is not enough to solve the problem.
So, while society will move towards lower-carbon sources of energy as technology improves, oil and gas will continue to play an important role in the long-term energy mix.
In fact, the IEA published new projections last week that oil and gas are expected to remain at 53 percent of the global energy mix in 2040, under their Stated Policies Scenario.
In a scenario developed by the IEA that would meet the Paris Agreement's 2 degree Celsius case, oil and gas will be about 46 percent of the energy mix, while renewables grow to 18 percent.
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