Oliver Keller
Tue, Jul 11, 2023 4:30 PM

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

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Global Energy Demand to Rise 23% by 2045, Says OPEC Secretary General
OPEC Secretary General, Haitham Al Ghais, projects a 23% increase in global energy demand by 2045. He emphasizes the need for innovative solutions such as carbon capture utilization and storage, hydrogen projects, and circular carbon economy. The global oil industry requires $12.1 trillion in investment, but is currently falling short.

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.

He emphasized the importance of embracing innovative solutions to meet this growing demand. Al Ghais specifically highlighted the need for carbon capture utilization and storage (CCUS) projects, as well as investments in hydrogen technology and a circular carbon economy.

CCUS projects involve capturing carbon dioxide emissions from power plants and industrial facilities, and then storing or utilizing it to reduce greenhouse gas emissions. This technology plays a crucial role in mitigating climate change and achieving carbon neutrality.

Furthermore, Al Ghais mentioned the positive endorsement of a circular carbon economy by the G20. A circular carbon economy focuses on reducing carbon emissions while promoting recycling and reusing carbon resources. It aims to close the carbon cycle by ensuring that carbon released into the atmosphere is reused or permanently stored.

The secretary general's remarks highlight the urgent need for action and investment in the global energy sector. However, Al Ghais expressed concern that the industry is currently falling short in terms of required investment.

According to his estimates, the global oil industry needs $12.1 trillion in investment over the next few decades to meet the rising energy demand. It is crucial for governments, organizations, and investors to collaborate and allocate sufficient resources to enable the necessary energy transition.

Investments in renewable energy sources, such as solar, wind, and hydroelectric power, as well as advancements in energy storage technologies, are essential to diversifying the energy mix and achieving sustainability goals.

Transitioning to cleaner energy alternatives and reducing reliance on fossil fuels is not only crucial for combating climate change, but it also presents numerous economic opportunities. This shift can create jobs, stimulate technological innovation, and drive economic growth.

As the world confronts the challenges of increasing energy demand and climate change, the words of Haitham Al Ghais serve as a call to action. Embracing innovative solutions, investing in renewable energy, and transitioning to a low-carbon future are the pathways to an environmentally sustainable and economically prosperous world.

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

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