As the human population and middle class increases, so will the demand for industrial products and our need for reliable energy to power our world. The by-product of growth is excessive CO2 emissions – the leading cause of climate change. Carbon Capture and Storage (CCS) has a definitive role to play to drive down world emissions.
By looking at the U.S. Energy Information Administration's (EIA) energy consumption projections of the world to the year 2040, it’s clear that the world will continue to be heavily reliant on fossil fuels. Going forward, oil and other petroleum products (liquids) will continue to provide the largest share of the world’s energy consumption.
The electric and industrial power sectors will rely heavily on natural gas, and coal will remain a vital fuel for the world’s electricity markets, accounting for 70 per cent of the world’s coal use based on collective consumption by China, the United States and India.
Source: U.S. Energy Information Administration - even though International Energy Outlook, 2017 expects the non fossil fuels (renewables and nuclear) to grow faster than fossil fuels, fossil fuels still account for more than three-quarters of world energy consumption through 2040. Natural gas, which has a lower carbon intensity than coal and petroleum, is the fastest-growing fossil fuel in the outlook, with global natural gas consumption increasing by 1.4 per cent per year. The relatively high rate of natural gas consumption growth is attributed to abundant natural gas resources and rising production — including supplies of tight gas, shale gas, and coal bed methane.
WORLD NET ELECTRICITY GENERATION BY ENERGY SOURCE, 2012–2040
Renewables are expected to be the fastest-growing energy source, with consumption increasing by an average 2.3 per cent per year between 2015 and 2040. The world’s second fastest-growing source of energy is projected to be nuclear power, with consumption increasing by 1.5 per cent per year over that period (International Energy Outlook 2016).
World energy projections strongly suggest that a broad global energy mix will continue to be needed for our planet, amplifying the need for continued development and deployment of large-scale CCS.
At the International CCS Knowledge Centre, we will continue to improve the delivery and performance of large-scale CCS so that it can be effectively utilized around the globe for decades to come.