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Tue, Jul 11, 2023 4:50 PM

Global Energy Demand Expected to Increase by 23% by 2045, says OPEC Secretary General

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Global Energy Demand Expected to Increase by 23% by 2045, says OPEC Secretary General
The Secretary General of OPEC, Haitham Al Ghais, stated at a conference in Nigeria that global energy demand is projected to rise by 23% by 2045. He emphasized the need for innovative energy solutions like carbon capture, hydrogen projects, and a circular carbon economy. The oil industry also requires a significant investment of $12.1 trillion during the same period. However, current investment levels are insufficient.

ABUYA, July 11 (Reuters) - According to Haitham Al Ghais, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), global energy demand is expected to increase by a substantial 23% by 2045. This significant surge in demand necessitates the utilization of all forms of energy, said Al Ghais during a petroleum and gas conference in Nigeria.

In order to cater to the rising energy demand, Al Ghais emphasized the urgent need for innovative solutions such as carbon capture, utilization, and storage (CCUS) as well as hydrogen projects. He also highlighted the importance of embracing a circular carbon economy, which has received positive support from the G20.

The transition towards a circular carbon economy involves reducing greenhouse gas emissions through carbon capture technologies and utilizing them in various industrial processes. This approach helps to not only address environmental concerns but also creates opportunities to promote economic growth and sustainable development.

However, meeting the growing demand for energy will require substantial investments. Al Ghais mentioned that the global oil industry needs an investment of $12.1 trillion during the same period. Unfortunately, the industry is currently not on track to reach this level of investment.

The call for increased investments in the oil industry aligns with the need to develop new oil reserves, upgrade existing infrastructure, and promote research and development of cleaner technologies. These investments would not only support the oil industry's growth but also contribute to the overall energy mix and ensure a stable and secure energy supply for the future.

In conclusion, the projected increase in global energy demand by 23% by 2045 signals a pressing need for energy solutions and investments in the oil industry. To meet this rising demand and address environmental concerns, innovative approaches like carbon capture, hydrogen projects, and a circular carbon economy are crucial. It is essential that both public and private stakeholders work together to explore these avenues and commit to the necessary investments and collaboration.

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

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