Growing world economies will increase energy demand by about 35 percent in 2030 compared to 2005, requiring trillions of dollars in investment and a commitment to innovation and technology, Exxon Mobil Corporation said December 8 as it released its new edition of Outlook for Energy: A View to 2030.
“In our energy outlook, we see many hopeful things – economic recovery and growth, improved living standards and a reduction in poverty, and promising new energy technologies,” said Rex W. Tillerson, chairman and chief executive officer. “But we also see a tremendous challenge, and that is how to meet the world’s growing energy needs while also reducing the impact of energy use on the environment.”
Tillerson said supplies of all economic fuel sources need to be expanded to satisfy projected increases in global energy demand and ensure reliable and affordable energy to meet social, economic and environmental challenges.
ExxonMobil notes that together, population and economic growth through 2030 will continue to drive global energy demand higher. The world’s population is expected to rise to almost 8 billion, creating new demands for energy for personal needs such as fuels for cars and electricity for homes, but also energy that is consumed indirectly to serve the broader society and economy.
The Outlook includes an assessment of how potential carbon emission reduction policies will affect future energy demand and impact the fuel mix. For example, imposing higher costs for carbon emissions would impact energy prices and provide an incentive to switch to less carbon-intensive fuels such as natural gas, which can help meet growing electricity demand and help reduce power generation emissions by up to 60 percent versus coal.
Among this year’s findings:
The Outlook for Energy is developed annually to assist ExxonMobil’s business planning and to increase public understanding of the world’s energy needs and challenges. The Outlook is developed through a detailed analysis of approximately 100 countries, 15 demand sectors and 20 fuel types and is underpinned by economic and population projections and expectations of significant energy efficiency improvements and technology advancements.
For more information, visit www.exxonmobil.com/energyoutlook.
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products, and its chemical company is one of the largest in the world.