Future of Energy

The Future Of Energy

Tiaan Stals

Global Studies 2013

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Present Trends and Innovations

Since the surge in technology 200 years we know as the industrial revolution mankind has been dependant on fossil fuels for means of producing energy. Several other techniques have been successfully developed and implemented but none coming close to the fundamental importance and economic plausibility of burning fossil fuels. The ‘proven’ technique of burning fossil fuels is something of a sentimental attachment to us as a race and the notion of change is hard to contemplate. These fossil fuels have been increasingly exploited over the last 40 years to the point where there is a major concern among world leading scientists and politicians that we will eventually deplete our fossil fuel reservoirs. Currently oil, coal and natural gas account for over 80% of the world’s energy production. Energy is in a high growth period due to economic and industrial growth as well as well as the emergence and development of non-OECD (Organisation for Economic Cooperation and Development) countries.  According to the International Institute for Strategic Studies, “There is very straight line between economic growth and the demand for energy, and the availability of energy sources is essential to maintain economic growth and improve people’s lives.”(IISS 2013). This is why the need for energy is always going up; economic growth and the increase in human standard of living is always moving forward or increasing. Therefore the demand for energy was always increasing until the end of 2011. 2012 showed a slowdown in the growth of energy consumption partly due to economic slowdown and because of increased prices meaning consumers have become smarter and more efficient in the way they use their energy. The worlds leading energy consumers all saw decreased growth in energy consumption especially in the field of fossil fuels. In 2012 America saw a revolution in their natural gas and oil production seeing its largest gain in oil production in history along with record numbers in natural gas. Oil production reached record numbers in the Middle East with Saudi Arabia, the UAE and Qatar all producing oil at record numbers. Although coal remains the worlds fastest growing fossil fuel it saw its weakest growth in its relative history. Natural gas grew at below average numbers but remains the only fossil fuel to accelerate growth. Although 2012 saw an incredible slowdown in the growth of fossil fuels renewables continued to grow, increasing in growth by almost 15%. World energy consumption grew by 1.8% well below its 10 year average of 2.6%. Consumption in OECD countries fell by 1.2% which is the 5th decline in the last 6 years with the USA showing a 2.8% reduction in energy production(largest loss in Volumetric terms). Non-OECD countries contrasted this by a growth of 4.2% but still averaging under the 10 year average of +5.3%.