Energy is fundamental to modern life. It is critical to human progress and to improving living standards for billions of people across the globe.
ExxonMobil recently released their 2017 Outlook for Energy, sharing their view on global energy demand and supply through to 2040. The report highlights the dual challenge of ensuring access to affordable and reliable energy, and reducing pemissions to address the risk of climate change.
Seven key themes have emerged from this report. These themes will play a major role in defining our global energy landscape through 2040. They are:
Energy underpins economic growth
Across the world, the middle class will more than double in the next 15 years. High levels of growth mean rising living standards. As this growth accelerates, so will energy consumption.
Non-OECD countries lead the way for energy demand
This growth in energy demand will be led by China and India, with continuing urbanisation in these countries driving economic growth.
The global energy mix is evolving
Nuclear and renewables will grow strongly with natural gas growing the most. The diversification of energy supplies reflects economics and advanced technologies, as well as policies aimed at reducing emissions.
Oil remains the world’s primary energy source
Oil will continue to play a leading role in the energy mix with demand being driven by fuel for transportation and feedstock for the chemicals industry.
Natural gas leads growth in energy
Natural gas will provide a quarter of global energy demand by 2040. The abundance and versatility of natural gas is helping the world shift to less carbon intensive energy for electricity generation, while also providing an emerging option as a fuel for certain types of transportation.
Cost-effective options to reduce CO2 emissions
Global energy-related CO2 emissions are likely to peak during the 2030s, even as global GDP doubles by 2040.
The potential of technology
Recent advances in technology are promoting energy efficiency gains to slow demand growth, and also opening up new energy supply options including unconventional oil and natural gas, nuclear and renewables.
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By : ExxonMobil