Michelle Johnson
Tue, Jul 11, 2023 8:15 PM

Global Energy Demand to Increase by 23% through 2045, Says OPEC Secretary General

BusinessEarn Max 30 Coins💰 Get coins immediately after reading this article

Global Energy Demand to Increase by 23% through 2045, Says OPEC Secretary General
Global demand for all forms of energy is predicted to rise by 23% by 2045, as stated by OPEC Secretary General Haitham Al Ghais during a Nigerian oil and gas conference. Despite the need for technology to address fossil fuel emissions, Al Ghais emphasized the necessity of all energy sources and criticized calls to halt funding for new oil projects. The global oil industry requires $12.1 trillion in investment in the same period, although it has not yet reached the necessary level.

ABUJA, Nigeria - OPEC Secretary General Haitham Al Ghais announced at a Nigerian oil and gas conference on Tuesday that global demand for all forms of energy is projected to increase by a significant 23% through 2045. This forecast underscores the pressing need for innovative solutions to address the energy challenges ahead.

Al Ghais emphasized the vital role that all energy sources will play in meeting this increasing demand. While there are calls to limit or cease funding for new oil projects, Al Ghais dismissed such proposals as unrealistic and unwise.

It is essential to recognize that global primary energy demand is expected to surge by 23% in the next 24 years. This staggering growth necessitates a multifaceted approach that encompasses various energy solutions to fulfill our global energy requirements.

In addition to traditional energy sources, Al Ghais stressed the importance of implementing innovative technologies to combat continued fossil fuel emissions. He specifically mentioned the need for carbon capture utilization and storage (CCUS) projects, hydrogen initiatives, and the adoption of a circular carbon economy.

The concept of the circular carbon economy has garnered support from the G20. This approach seeks to limit carbon emissions by capturing and reusing carbon dioxide, effectively converting it into valuable resources to minimize environmental impact.

Despite the urgency to transition towards cleaner energy alternatives, Al Ghais stated that ceasing investments in new oil projects is not a feasible solution. The global oil industry requires a staggering $12.1 trillion in investment over the same period to meet increasing demand.

However, the oil sector is far from reaching the necessary level of investment. This raises concerns about potential supply shortages and sharp price spikes in the future, should investment not align with escalating demand.

Sources close to OPEC suggest that the organization will maintain a positive outlook on oil demand growth for the coming year when it unveils its first outlook later this month. While a slightly slower growth rate is predicted for 2024 compared to this year, it is still anticipated to be higher than average as the world emerges from the COVID-19 pandemic.

As discussions surrounding the future of the global energy landscape continue, there is an urgent need for collaboration between governments, corporations, and research institutions to develop and implement sustainable energy solutions.

The challenge is substantial, but by embracing innovation, exploring diverse energy sources, and investing in cutting-edge technologies, it is possible to meet the projected energy demand while mitigating the detrimental effects of carbon emissions on our planet.

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

More detailed, more comprehensive, fresher news, please visit OOO NEWS.

Share content to earn coins