Sophia Johnson
Tue, Jul 11, 2023 4:25 PM

OPEC Predicts a 23% Increase in Global Energy Demand by 2045

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OPEC Predicts a 23% Increase in Global Energy Demand by 2045
OPEC's Secretary General, Mohammad Barkindo, predicts a 23% increase in global energy demand by 2045 and emphasizes the need for innovative solutions like carbon capture and circular carbon economy. He also highlights the need for substantial investment in the oil industry.

[アブジャ 11日 ロイター] - The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Barkindo, presented a forecast stating that global energy demand is expected to increase by 23% by 2045 during the Nigeria Oil and Gas Conference.

Barkindo emphasized the necessity of innovative solutions such as carbon capture, utilization, and storage, as well as the circular carbon economy which has received positive support from the G20 (Group of Twenty major economies).

Furthermore, Barkindo pointed out that the global oil industry would require an investment of $12.1 trillion during the same period, indicating that the sector has not yet reached that trajectory.

Meeting the Growing Energy Demand

The prediction of a 23% increase in global energy demand by 2045 highlights the importance of finding sustainable and innovative solutions to meet this growing need. Barkindo's emphasis on carbon capture, utilization, and storage (CCUS) aligns with the global objective of reducing greenhouse gas emissions and mitigating climate change.

CCUS involves capturing carbon dioxide emissions from various sources such as power plants or industrial facilities, utilizing the carbon dioxide for various purposes, and storing it safely underground. The development and implementation of CCUS technologies can significantly contribute to reducing carbon emissions, particularly from industries heavily reliant on fossil fuels like the oil and gas sector.

The Circular Carbon Economy and Support From G20

Barkindo also mentioned the circular carbon economy as a crucial component for addressing the challenges of energy demand and reducing carbon emissions. This concept involves minimizing waste, promoting energy efficiency, and using CO2 as a raw material in various industrial processes.

The circular carbon economy not only tackles emissions but also aims to create a sustainable and circular approach to resource management. By reusing and recycling carbon-based materials, the circular carbon economy aims to minimize the overall environmental impact of energy production and consumption.

The G20 countries have shown positive support for the circular carbon economy, recognizing its potential to achieve climate goals while ensuring energy security and economic growth. Collaborative efforts among these countries can accelerate the development and implementation of circular carbon solutions.

Investment Needs in the Oil Industry

Despite the increasing energy demand and the critical role of the oil industry in meeting this demand, Barkindo highlighted that the required investment has not been realized yet. With an estimated investment need of $12.1 trillion until 2045, it is essential for industry players, governments, and financial institutions to strategically allocate resources and create an investment-friendly environment.

Investment in the oil industry would not only support the production of oil and gas but also enable the development of cleaner technologies and alternative energy sources. This diversification can aid in the transition towards a more sustainable and balanced energy mix, reducing dependence on fossil fuels without compromising energy security.

In Conclusion

OPEC's prediction of a 23% increase in global energy demand by 2045 underscores the need for transformative solutions and significant investments in the oil industry. Embracing innovative technologies like carbon capture and circular carbon economy can lead to a more sustainable energy sector, helping mitigate climate change and foster economic growth.

Collaborative efforts between governments, industry players, and financial institutions will be crucial in achieving these objectives. By prioritizing sustainable energy solutions and allocating resources strategically, the global community can address future energy challenges while building a greener and more resilient world.

Source of content: OOO News 2023-07-11 News

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