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Energy strategy meeting the world's growing population demand: current and future challenges and potential sustainable solutio - Essay Example

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Energy strategy meeting the world’s growing population demand: current and future challenges and potential sustainable solutions Name Institution Introduction This is a research based project that seeks to provide current and future challenges the world faces due to growing demands for energy…
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Energy strategy meeting the worlds growing population demand: current and future challenges and potential sustainable solutio
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Download file to see previous pages The current challenges will escalate to future challenges if no properly managed, unless future challenges may overwhelm the world’s energy capacity. Recently president of oil exporting firm Saudia Aramco, Khalid-al-Falih, stated that less than one-third of the globe's seven billion population consume more than two-thirds of its main energy supplies (Pouchot, 2013). This is an indication that consumption rate of energy is high, and when it is higher than necessary then a number of challenges are witnessed immediately and in near future. Current challenges A survey conducted recently revealed that more than eighty five percent of the increase in universal energy demand from 2010 to 2040 projection occurs among the industrializing nations that are not members of the OECD (Organization for Economic Cooperation and Development), driven by steady economic expansion and increasing populations. Many economic and geopolitical situations add considerable doubt to any long-term evaluation of world energy markets (U.S. Department of Energy, 2013). Currently, there is broad variation in the financial performance of diverse countries and regions around the globe. This is a challenge since usage of energy cannot be monitored and controlled if no unifying factor is devised to incorporate developing and developed world’s energy agendas. ...
It is impractical to suppose that these choices alone can meet the increase in universal energy demand and simultaneously reduce the reliance on fossil fuels (U.S. Department of Energy, 2013). The population rise and income increase are predicaments that energy stakeholders must give serious consideration to manage current situation and future prospects. Renewable sources of energies face diverse set of challenges, the most pressing of which – and the main factor limiting expansion – is the affordability of financial backings. Continued rapid price reductions are necessitated to maintain the subsidy burden at a satisfactory level as renewable scale up. However, this might not help to encourage production level thus not able to manage population growth. When renewable energy sources are facing challenges of production then fossil energy sources also experience over exploitation. Future Challenges The future challenges that would be associated with energy in 40years to come are just current challenges but on a higher scale if not checked properly at the present. After a detonation in global population and commerce, the world is currently experiencing an urgent energy challenge that is escalating to future. The future challenges of energy strategies depend on how do stakeholders balance the necessities for secure, affordable energy with the pressing matter of climate change. The population growth and economic increase has revealed that it is not simply burning oil, coal and gas that will provide an answer to the globe need for energy. With nations from Japan to the UK depending ever more on imported fossil fuels, and an increase in demand for energy from developing ...Download file to see next pagesRead More
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