This forward-looking analysis from ExxonMobil is thought provoking and a reality check, especially the expectation that 50% of energy demand in 2050 will still be met by oil and natural gas.
I like the fact that they look at hydrogen as an industrial fuel, and that we will need to invest considerably in carbon capture and storage. I would have liked more analysis of next-gen nuclear in particular, but also next-gen geothermal and hydroelectric. However, it it tough to argue against "all energy types will remain in the mix.
“There has been enormous progress, yet more work is needed.
When considering the world’s energy future, keep these truths in mind:
- All energy types will remain in the mix.
- Renewables will grow the fastest.
- Coal will decline the most.
- Under any credible scenario, oil and natural gas remain essential.
- Lower-carbon technology needs policy support to grow rapidly but ultimately must be supported by market forces.”
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