Abu Dhabi: Fossil fuels will remain the main source of energy for decades to come, which will lead to environmental damages and changes in climate and there's a need for both producers and consumers to develop appropriate solutions to overcome the challenges, an expert energy panel yesterday said.
The future global energy demand is subject to economic situation and population growth, said Dr Salman S. Gouri, Senior Economist for Strategic Planning and Policy Directorate at Qatar Petroleum, at the energy conference.
Gouri underscored the need to restrict carbon emissions.
"The extent of these emissions varies from region to region; the share of carbon emissions from developing Asian countries will increase from 27 per cent to 35 per cent of the total global share by 2050, a rate of growth that is considerably greater than that projected for the West. This may begin to have more measurable environmental impacts," said Gouri.
Central priority
Dr Mohammed Al Ashry, Chairman of the Renewable Energy Policy, Network for the 21st Century and Senior Fellow at the United Nations Foundation, said that the world has entered a new era marked by concern over energy security and climate change.
"Energy security is becoming a central priority for all nations concerned with promoting healthy economic growth and maintaining internal as well as external stability. On the other hand, climate change is one of humanity's greater challenges, affecting both current and future generations," said Al Ashry.
"The production and use of energy contribute more than any other human activity to the buildup of greenhouse gases in the atmosphere, and future energy trends will determine how quickly those levels continue to rise and by how much," he added.
Growing demand
Antony Froggatt, Senior Research Fellow, Energy, Environment and Development Programme, Chatham House in the UK, noted in his speech that unprecedented levels of investment will be needed in the global power sector in the coming decades to meet growing demand, replace retiring capacity, and address energy security and climate change.
Dr Mohammad Ramady, Visiting Associate Professor of Finance and Economics at King Fahd University of Petroleum and Minerals, said the rapid development of the Gulf Cooperation Council states is generating increasing levels of indigenous energy demand.
"This development calls into question the viability of energy subsidies in the future.
"In the past, industrial countries have managed similar levels of growing energy demand without provoking a crisis. For the GCC, export constraints impose a looming challenge. According to current projections, the tension between growing internal international demands might mean that by 2020, Saudi Arabia will require an oil price of $300 per barrel in order to break even," said Ramady.
