A global realignment of the energy industry is needed to accelerate the move to renewables and, in some cases, skip a period of economically maximising the recovering factors of the existing global basins to attain net-zero emissions.
Experts believe that at least half of the world’s energy demand will be met with fossil fuels through to 2050 with a minimum annual investment of $350-400 billion. The zero-emissions transition will cost up to $40 trillion in global commitment and must be largely fuelled, in the midterm, by continued investment in fossil fuels as there is no cheaper alternative to finance this movement while satisfying the world’s energy needs.
As coined by the United Nations, sustainability refers to “meeting the needs of the present without compromising the ability of future generations to meet their own needs” defined through three interconnected pillars of environment, economic and social. We cannot ignore the economic and social in favour of the environment or vice versa.
There must be...read more...