Global energy demand seen to increase by 2050

MANILA, Philippines - Global energy demand is expected to increase by up to 80 percent by 2050 as wealth levels rise in the emerging economies.

As such, all forms of energy – from renewable sources, biofuels to fossil fuels – are needed, said global energy giant Shell in a recent study on the future of the energy sector titled New Lens Scenarios.

According to the study, which was presented to journalists last week, fossil fuels will continue to supply a majority of energy demand for decades.

“The consumption of fossil fuels could rise by around one-third over the next two decades. In 2060, they are still likely to meet around 60 percent of global demand, down from 80 percent today,” Shell said.

At the same time, results of Shell’s energy outlook showed that renewable energy sources would also grow rapidly.

It said the pace at which renewable energy sources would grow is determined by what societies can afford to spend on them and the political will to invest in new forms of energy technology.

“By 2035, the world’s renewable energy sources could grow by at least 60 percent and could even double. And by 2060, renewable energy could supply up to four times more energy than today: a staggering rate of expansion,” Shell said, adding that among the different types of renewable energy, solar power could grow especially quickly.

Solar energy could be the world’s largest primary energy source by 2060.

Still, renewable energy resources cannot meet all of the world’s energy needs in the coming decades, the company said in its energy outlook.

“One reason is that the world’s renewable resources are not distributed evenly. Many are located a long way from demand centers.

And transporting energy over long distances can be very expensive. For example, super-grids would require not only enormous financial investment, but also major international cooperation,” Shell said.

The company has been coming up with scenarios to explore the future and deepen its strategic thinking for 40 years. The scenarios aim to help people including policy-makers to make better decisions.