ExxonMobil Report: 80% of Global Energy Demands Met By Oil, Natural Gas, Coal In 2040, Emissions Down

By Penny Starr | February 9, 2016 | 5:36 PM EST

(AP photo.) 

(CNSNews.com) – In a global energy forecast report issued on Jan. 25, ExxonMobil said that in the 2040 market, oil, natural gas, and coal will meet 80% of the world’s energy needs and that carbon emissions should peak by 2030.

Noting that the future of energy production and consumption will be influenced by government policies, including those aimed at combating climate change, the report  says that up to the year 2040 it is expected that “oil, natural gas and coal [will] continue to meet about 80 percent of global demand.”

“For a century, these sources have been the foundation of the modern energy that has enabled modern living,” the report states. “Today, they remain abundant, reliable and affordable, and available on the scale required to serve 7 billion people 24 hours a day.”

The report anticipates the largest growth to be in the natural gas sector, with 40% of energy demand growth from 2014 to 2040 being met by gas, but renewable energy and nuclear power will also see growth over this time period, according to the report.

And, greenhouse gas emissions (GHG), will peak by 2030, according to the report.

“Policies to address greenhouse gas (GHG) emissions will increasingly influence the energy landscape,” the report states.

“In our view, after rising more than 50 percent from 1990 to 2014, global energy-related COemissions will likely peak around 2030,” the report states, citing energy efficiency as one factor.

“We expect the CO2 intensity of the global economy to be cut in half by 2040,” the report claims.

(AP photo.)

The report also forecasts global demand for energy rising by 25% from 2014 to 2040, with oil and natural gas meeting most of that demand.

“To keep pace with demand, the world will need to pursue all economic energy sources,” the report states. “In 2040, oil and natural gas will likely be nearly 60%  of global supplies, while nuclear and renewables will be approaching a 25% share.”

Oil alone is expected to provide 1/3 of the world’s energy in 2040, the report states.

The constantly evolving energy landscape presents challenges, but it remains a fact that abundant energy improves the way people live, according to the report.

“Meeting growing energy demand is an ongoing challenge, recognizing the scale of supplies required to meet the needs of 7 billion people each day,” says ExxonMobil.

“The use of oil alone – representing just one-third of the world’s energy consumption – is now approaching 95 million barrels a day, enough to power a car 100 billion miles, or 4 million times around the world,” reads the forecast.

It continues, “Several themes remain true today: Modern energy is fundamental to our standards of living; practical options for meeting people’s energy needs continue to expand, including those related to efficiency; and the energy industry is huge, growing and connecting regions through trade.”