Coal, oil, gas positioned as global powers of the future

October 21, 2013 | By Barbara Vergetis Lundin

There is a greater abundance of energy resources in the world today than at any other time in history, and, if properly managed, the reserves will be sufficient to meet even a significant upturn in demand for decades to come, according to the World Energy Council (WEC). The increased assessment of reserves, along with improved energy production and conversion technologies, has enabled the energy industry to meet a growth in demand that is higher than anticipated two decades ago.

Fossil fuels are still the dominant resource, providing 80 percent of energy, while new renewables (solar, wind, geothermal, marine) provide about 1.5 percent. For electricity production, fossil fuels supply 66 percent (up 2 percent) while new renewables supply around 5 percent. Over the last 10 years coal has increased to around 28 percent (up 4.5 percent) and gas has increased to 23 percent (up 2 percent). Oil has decreased to 31 percent (down 6 percent).

"Our latest World Energy Resources report shows that 'peak oil' … has moved into a far future," said Christoph Frei, secretary general of the World Energy Council. "It is clear that coal, oil and gas are going to keep powering the economies of many countries for many years to come."

The development of renewables has been significantly slower than was predicted 20 years ago, the report notes, and although renewable resources, especially wind power and solar PV, have developed exponentially, this started from a low base. Today, renewables still represent a small fraction of total global energy supply, according to the report.

"…a number of challenges for renewables remain. There is huge unexploited hydropower potential especially in Africa, Asia and Latin America, but a number of large projects are facing local resistance," Frei said. "There is significant potential of biomass energy, particularly in Latin America, but concerns about the energy-water-food nexus have to be carefully managed."

For more:
- see the report

http://www.fierceenergy.com/story/coal-oil-gas-positioned-global-powers-future/2013-10-21