BP chief economist: World will need many types of energy for many years to come

By Trend

The world faces a dual challenge: the need for more energy and less carbon, Spencer Dale, BP Group Chief Economist said in his speech in London, Trend reports.

“As defined, renewables are likely to be the fastest-growing source of energy over the next 20 years; penetrating the global energy system more quickly than any fuel ever seen in history. The future for renewables is extraordinary bright. But renewables can’t provide all of the world’s energy needs,” he said.

Dale noted that in much of the rich, developed world, energy demand is flat or falling.

“We have enough cars, TVs, air conditioning units; and as the efficiency of appliances and business processes improves, our need for energy will fall. In these countries, rapid growth in renewables can play a central role in decarbonising the energy system,” he said.

The chief economist noted that each new joule of renewable energy can displace existing coal, oil or natural gas, reducing carbon emissions.

“But that is not the case in fast-growing, developing economies, where increasing prosperity and access to energy is driving rapid expansion in energy demand. In those countries, renewables on their own simply can’t keep up,” he added.

Continued rapid growth in renewable energy is critical for the future welfare, but it won’t be sufficient to meet the growing energy needs, according to Dale.

“To meet those needs, while still ensuring carbon emissions are falling, will require a range of alternative fuels and technologies. So alongside rapid growth in renewables, we will also need: (i) increased switching from the use of coal to natural gas; greater use of technologies that capture carbon emissions at the point of use and store them safely underground, so called CCUS (carbon capture use and storage); and (iii) importantly, here in the West, improving energy efficiency – allowing energy to be used by those who need it most,” he added.