LONDON (Reuters) – Policymakers still tend to talk about the global energy transition in the future tense, as something that might or will happen in the next few decades, but the transition is already well underway and shows signs of accelerating. Global energy consumption has already been shifting from a mid-20th century system dominated by coal and oil to one that will be dominated by gas and renewables by the mid-21st century. Global energy consumption from natural gas and renewables (mostly wind, solar and biofuels) grew much faster than energy consumption as a whole over the five years between 2014 and 2019. Renewables increased at a compound annual rate of more than 12.5% while gas increased at a rate of 2.9%, both much faster than total energy consumption growth of 1.6%. By contrast, oil consumption grew more slowly than consumption as a whole (+1.4%) and coal consumption fell (-0.5%) over the same period (tmsnrt.rs/3maxpYb). The result is that gas and renewables have been seizing energy market share, especially from coal but to a lesser extent from oil as well. Those processes are likely to continue over the next few decades, but the transition will not necessarily result in lower CO2… continue reading
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Source: CTRM Center