Close

Global warming appears to be less of a concern today, says BP‘s chief economist Christof Rühl.

Speaking at the Energy Futures Symposium held at Wits Business School, Rühl revealed that most questions directed at him used to be about climate change in the past, while it now rare that anyone asks about it unless Rühl brings it up himself, writes Vicky Sidler.

“People have been fed two lies by government, industry members and other key players. They have been told it’s a problem relatively easy to fix with renewables and carbon dioxide sequestration. They have also been told it will be inexpensive, but it is not going to be cheap and easy.”

Discussing BP’s energy outlook for 2030, Rühl revealed that oil, gas and coal will remain the dominant fuel sources going forward and provide about 26% to 28% of global primary fuel supply and predicted a more diverse energy mix globally and an energy efficiency improvement of 31%.

Under the pressures of globalisation, tradeability, sustainability and competition among different fuel types, the market no longer has a single primary energy source. “This will be the very first time in human history that we do not have a dominant fuel,” Rühl said, following the age of wood, the age of coal and, most recently, the age of oil.

Rühl expects renewable energy sources to have the fastest growth heading towards 2030, increasing at a rate of 7.6% each year. Nevertheless, its share will remain below that of the fossil fuels.

Additional Reading?

Request Free Copy