Sunday, October 21, 2018

By 2035 the ‘Great Fuel Switch’ Will Mark the End of the Age of Oil and Gas, Analysts Expect

Solar and wind energy will meet 20 percent of global power needs sooner than previously forecast.

A wind farm near Freiwalde, Germany. (Credit: Sean Gallup/Getty Images) Click to Enlarge.
Close to 20 percent of global power needs will be met by solar or wind energy by 2035, marking a shift from the age of oil and gas to the age of renewables, according to a new report from researchers at the consultancy Wood Mackenzie.

The growing focus on sustainability in many parts of the world, the report says, “is almost akin to a gravitational force, pulling things in one direction and driving the ‘great fuel switch,’ leaving little possibility for a reversal.”

Energy transitions, similar to the ongoing shift to renewables, are nothing new, Wood Mackenzie researchers write in the report released Wednesday, entitled “Thinking Global Energy Transitions:  The What, If, How and When.” 

The current hydrocarbon-based economy has itself evolved out of many previous energy transitions, from the age of biomass to the age of coal, and, ultimately, to that of oil and gas.  Each of these was different, but all took at least 30 to 50 years to unfold, the report says.

Technological advancements in the renewable energy industry, coupled with the growth of energy storage and the growth of electric vehicles, are driving the “large-scale commodity switch” away from fossil fuels, Prajit Ghosh, Wood Mackenzie’s head of global strategy, power and renewables, said Wednesday in a statement.

“The result is that the energy transition seems less the plot of a sci-fi movie and more of a feasible, albeit ambitious, plan,” Ghosh said.

The transition to solar and wind energy will replace the equivalent of about 100 billion cubic feet per day of natural gas demand in the global power sector, the report says.  For comparison, demand for natural gas in the United States — the world’s largest consumer of natural gas — averaged about 74 billion cubic per day for all purposes, or about 20 percent of global natural gas consumption, in 2017.

Read more at By 2035 the ‘Great Fuel Switch’ Will Mark the End of the Age of Oil and Gas, Analysts Expect

No comments:

Post a Comment