Energy-related CO2 emissions to fall by 45 per cent by 2040: ExxonMobil
A stable and affordable energy supply is vital to enabling and empowering access to important infrastructure and services like healthcare, transport and education.
As the global population continues its slow march towards the nine billion mark within the next two decades, urgent action is needed today in order to meet future energy needs. According to ExxonMobil’s 2020 Energy and Carbon Summary, global energy needs are anticipated to increase by 20 per cent from today till 2040.
At the same time, as issues of climate change and carbon emissions continue to dominate, any discussions and actions on energy demand and supply must also include steps to mitigate the potential for greater environmental impact.
In this increasingly carbon-constrained future, ExxonMobil’s Energy and Carbon Summary outlines several key trends which will dominate the shift to lower-carbon-intensive fuels through to 2040:
Energy-related CO2 emissions per unit of global GDP will likely fall. It is estimated that there will be up to a 45 per cent decrease in emissions. This decrease in emissions is due to efficiency gains and growing use of less carbon-intensive energy sources.
Increase in natural gas as primary source of energy. Natural gas sources will also expand their role to more than 25 per cent of total global primary energy, led by growth in electricity generation and industrial output. Another 10 per cent of worldwide electricity will also originate from renewable sources such as solar and wind.
Continued investment in oil, natural gas and coal. Even as demand for oil, natural gas and coal continue to fall in view of the 2 degree Celsius pathway, continued investments in the field will remain strong in the interim while the global energy community makes the pivot to alternative fuels such as those from renewable sources.
For an in-depth look at these predictions are informing the various functions within ExxonMobil in a bid to mitigate emissions from its operations, read the full report: ExxonMobil: 2020 Energy and Carbon Summary.