14 DAY TRIAL // Just days ago, the International Energy Agency released a new report saying that, warnings about global warming and climate change aside, the world is not yet ready to cut all ties with fossil fuels.
On the contrary, the specialists behind this latest International Energy Agency report argue that, in the years to come, oil, coal and natural gas will become even more popular than they currently are.
The somewhat good news is that, by the looks of it, this increase in the world's consumption of fossil fuel energy is bound to go hand in hand with an increase in the global use of eco-friendly sources such as wind and solar.
Not giving up on fossil fuels just yet
In its report, the International Energy Agency argues that, chiefly due to a growing demand for energy in Asia, Africa, the Middle East and Latin America, the global consumption of fossil fuel energy will up by 37% by the year 2040.
Specifically, it is estimated that the global crude-oil consumption will increase from an average 90 million barrels a day to 104 million barrels a day. The world's use of coal and natural gas, on the other hand, will up by over 15% and 50%, respectively.
What's interesting is that, despite this boost in their popularity, the demand for both crude oil and natural gas is expected to plateau by 2040. Thanks to efforts to curb air pollution and put a leash on climate change and global warming, the demand for coal will come to a near halt around 2020.
What about clean energy sources?
As mentioned, the International Energy Agency's report isn't all bad news. On the contrary, it also says that, by the year 2040, environmentally friendly energy sources will too become way more popular than they currently are, Nature informs.
More precisely, it is believed that, courtesy of falling costs and subsidies, renewables are set to account for nearly 50% of the global increase in power generation documented by the year 2040. In fact, the Agency expects that renewables will eventually become the leading source of electricity.
Judging by current trends, specialists argue that the wind power industry will become the king and queen of clean energy generation. Hydropower and technologies that make it possible to harvest sun energy will be second in command, the report explains.
“Renewables are expected to go from strength to strength, and it is incredible that we can now see a point where they become the world’s number one source of electricity generation,” International Energy Agency Executive Director Maria van der Hoeven said in a statement.
As far as nuclear power is concerned, experts claim that, by the year 2040, the world's installed capacity is bound to increase by about 60%. This is despite the fact that, in the coming decades, almost 200 of the reactions that were up and running at the end of 2013 will be shut down. China, India, Korea and Russia are the four countries that will make heavy investments in nuclear in the years to come.
Despite the fact that nuclear reactors produce no greenhouse gas emissions, people are not exactly fond of this energy source. This is because, as proven by the Fukushima Daichii disaster in 2011, nuclear power is rather tricky to harvest in a safe manner. Besides, the world is still trying to figure out what to do with the resulting waste.
Limiting climate change and global warming
Perhaps the worst prediction included in the International Energy Agency's report is the one saying that, by the year 2040, the world will put another 1 trillion tonnes of carbon dioxide into the planet's atmosphere. This means that global average temperatures will likely increase by 2 degrees Celsius (3.6 degrees Fahrenheit).
Hopefully, world leaders will step up efforts to limit greenhouse gas emissions and, in doing so, will manage to put a leash on climate change and global warming. If not, there's is no denying that the world is in for a seriously bumpy ride.
