The world’s largest oil company claimed Tuesday that the world will need to spend trillions of dollars to satisfy its thirst for energy during the next 20 years, but that renewable sources, such as solar and wind, will play only a small role.
ExxonMobile’s decidedly pessimistic assessment of the role of renewable energy came in report entitled “Outlook for Energy: A View to 2030.”
ExxonMobile says energy efficiency will curb the growth in energy demand by 65%
In it, the company said the use of solar, wind energy and biofuel will increase on average 10 percent a year. But their contribution will still amount to only about 2.5 percent of energy use by 2030.
If so, that could put many of the world’s ambitious renewables targets – such as California’s call for 33% contribution – out of reach.
ExxonMobile predicted energy demand would increase 35 percent during the 20 years as the Earth’s population grows to almost 8 billion and living standards in developing countries improve.
A variety of energy sources will be needed, with natural gas playing a big role in the United States, where supplies have expanded in recent years.
More so, improvements in energy efficiency will play a part by curbing the growth in global energy demand by 65 percent.
But “fossil fuels — oil, natural gas and coal — will continue to meet most of the world’s needs during this period because no other energy source can match their availability, versatility, affordability and scale,” the report stated.
While this final conclusion is no surprise given that ExxonMobile sells oil, and it may be true given the scale of the energy markets,, the report’s renewables outlook is more dire than it need be.
One can only wonder whether it hides some policy motive.
TechPulse 360
Mark Boslet