Samantha Williams
Tue, Jul 11, 2023 5:10 PM

Global Energy Demand Expected to Rise 23% by 2045, Says OPEC Secretary General

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Global Energy Demand Expected to Rise 23% by 2045, Says OPEC Secretary General
Global energy demand is projected to increase by 23% by 2045, according to Haitham Al Ghais, the secretary general of OPEC. In order to meet this growing demand, the global oil industry requires $12.1 trillion in investment over the same period. Al Ghais emphasized the need for innovative solutions such as carbon capture utilization and storage, hydrogen projects, and a circular carbon economy. However, the industry is not currently on track to reach the investment levels required to meet future energy needs.

ABUJA (Reuters) - Global energy demand is forecast to rise 23% through 2045, Haitham Al Ghais, the secretary general of the Organization of Petroleum Exporting Countries (OPEC), said on Tuesday at a Nigerian oil and gas conference.

"Global primary energy demand is forecast to increase by a significant 23% in the period up to 2045, which means we will need all forms of energy," said Al Ghais.

"We will require innovative solutions such as carbon capture utilization and storage, and hydrogen projects in addition to a circular carbon economy, which has received a positive endorsement from the G20."

The global oil industry needs $12.1 trillion in investment during the same period, Al Ghais said, adding the industry was not on track to reach that level of investment yet.

This projection underscores the continued growth of global energy needs and the challenges that lie ahead for the oil and gas industry. With a projected 23% increase in primary energy demand, a comprehensive and forward-thinking approach is necessary to secure future energy supplies.

One of the key areas that will require significant attention is the development and implementation of innovative solutions to address carbon emissions. Al Ghais highlighted the importance of carbon capture utilization and storage (CCUS) projects, which involve capturing and storing carbon dioxide emissions from industrial processes. These projects can help mitigate the environmental impact of fossil fuel consumption and contribute to a more sustainable energy sector.

In addition to CCUS, Al Ghais mentioned the importance of hydrogen projects. Hydrogen is considered a clean alternative to traditional fossil fuels as it produces no greenhouse gas emissions when used as an energy source. Investing in hydrogen technologies and infrastructure can help diversify the energy mix and reduce reliance on fossil fuels.

The concept of a circular carbon economy was also emphasized by Al Ghais. This concept involves recycling and reusing carbon emissions, turning them into valuable products instead of releasing them into the atmosphere. The G20 has endorsed this approach, recognizing its potential in reducing carbon emissions while promoting economic growth.

Despite the clear need for investment in energy infrastructure and innovation, Al Ghais acknowledged that the industry is currently falling short of the required levels. The $12.1 trillion investment needed presents a significant challenge, and concerted efforts from governments, industry players, and financial institutions will be necessary to bridge the gap.

Meeting the projected increase in global energy demand is a collective responsibility that requires collaboration and ingenuity. The oil and gas industry must embrace the opportunities offered by carbon capture, hydrogen, and circular carbon economy initiatives. Governments must create a supportive policy environment and provide incentives for investment in clean energy technologies. Financial institutions need to allocate capital towards sustainable projects that align with climate goals.

As the world progresses towards a more sustainable future, the energy landscape will continue to evolve. By investing in innovative solutions and embracing a circular carbon economy, the global energy sector can navigate the increasing energy demand while also addressing climate change concerns.

Author: Samantha Williams

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

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