The Organisation for Petroleum Exporting Countries, OPEC, has said that non-fossil energy is expected to account for about 22 per cent of global energy mix by 2040.
The Secretary General of the cartel, Abdalla El-Badri, who was speaking at the 17th International Oil Summit Conference with the theme: Restoring profitability to the oil industry amidst the current environment of costs and prices, in Paris, recently, said renewable energy such as solar and wind, will continue to significantly expand their role adding that OPEC member countries recognise and support their development with many investments being made in the sector.
He said: “Of course, we will see further actions to improve energy efficiency across our economies, this is essential. From the perspective of what will make up the future energy mix, it is clear that all forms of energy are required. However, it is crucial we appreciate just what each energy source can provide in the decades ahead.
“There is no doubt that renewables, such as solar and wind, will continue to significantly expand their role. OPEC member countries recognise and support their development. Many investments are being made by member countries in this sector.
“Nuclear and hydropower will also maintain their share in the global energy mix in the years ahead, overall, non-fossil fuel energy is expected to make up around 22 per cent of the global energy mix by 2040,” he said.
According to El-Badri, the projection means that fossil fuels will still need to supply more than three-quarters of the global energy mix by 2040.
However, he said: “I realise that others may have slightly different numbers, but given current energy and technology expectations, I do not see any outlook predicting that non-fossil fuels will come close to overtaking fossil fuels in the decades ahead.”
He explained that it was difficult to understand the view that fossil fuels may not be needed in the decades ahead, pointing out that fossil fuels remain abundant, and are necessary for our future, just as they have been an essential part of the past.