Oil May Still Be Needed for Decades Despite Climate Push

Oil May Still Be Needed for Decades Despite Climate Push
While global leaders meet in New York to discuss solutions to climate change, the U.S. government has offered a sober assessment of the world's ability to wean itself off fossil fuels.

(Bloomberg) -- While global leaders meet in New York to discuss solutions to climate change, the U.S. government has offered a sober assessment of the world’s ability to wean itself off fossil fuels.

Although renewables will be the fastest-growing energy source through 2050, oil consumption will still be key to meeting energy demand for decades, according to a report released Tuesday by the Energy Information Administration. Fossil fuel use will keep climbing for the next 30 years, the report said.

“Even though you see a very aggressive change in renewables uptick, it is just not growing fast enough to meet the demand and we don’t see demand tapering off,” EIA Administrator Linda Capuano said in Washington.

Petroleum and other liquids will see their use increase through 2050, even as their share of global energy demand declines to 27% from 32% over that period. Natural gas, meanwhile, is seen as the fastest growing fossil fuel, increasing by 1.1% a year. After initially falling, coal’s use will pick up towards 2050.

“Global energy consumption continues to outpace renewables growth and, while their shares decline, fossil fuel consumption, including coal, are projected to increase to meet demand,” Capuano said at an event held by the Center for Strategic and International Studies.

The agency’s International Energy Outlook 2019 contains modeled projections rather than forecasts and assumes current laws and regulations remain unchanged.

To contact the reporter on this story:
Stephen Cunningham in Washington at scunningha10@bloomberg.net

To contact the editors responsible for this story:
David Marino at dmarino4@bloomberg.net
Catherine Traywick, Mike Jeffers



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Seyedali Beheshtinejad  |  September 26, 2019
By solving CO2 problem with economical engineering ways fossiel fuels will remain forever ! Do you know how to find investment/ funds to do finish this concept car ?NICE cars! No emmision Internal Compbustion Engine cars are future of fossiel fuel cars for many more decades to come. With CO2 separation and storage facility in the car CO2 will not release to the atmosphere and will be drained from the car while refilling in the petrol stations this is more economical and more realistic compare to higher cost of EV cars!


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