World energy supply
The world’s energy supply comes from a mixture of sources. Currently over 80% of our energy comes from fossil fuels (coal, oil and natural gas). The International Energy Agency (IEA) forecasts that demand for energy will increase 50% by 2050, with the economies of rapidly developing countries such as China and India contributing over half of this increase1. To keep up with this demand whilst addressing the challenge of climate change, we need to develop low-emissions technologies.
Where will the world’s future energy supply come from?
With the increasing demand for energy, the use of fossil fuels is set to increase over the foreseeable future. However, most scientists agree that if we continue using these fuels at the current rate, the associated greenhouse gas emissions could cause considerable climate change. We are facing two energy challenges: an increasing demand for fossil fuels and an increasing need to reduce CO2 emissions.
Coal and energy supply
By 2030, 29% of the world’s energy supply is predicted to come from coal2. Australia has an abundant supply of coal with 9% of world’s reserves, enough to last almost 200 years3. Considering its existing infrastructure for mining, exporting and utilising this fuel, carbon capture and storage technology could allow Australia to continue to meet its energy demands, strengthen its economy and reduce the associated CO2 emissions from burning coal.
Coal Consumption in Selected World Regions, 1980-20306
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The role of renewables
Renewable energies such as wind and solar will play a key role in our future energy supply. Currently, less than 6% of Australia’s energy comes from renewable sources4, but the Australian government has committed to producing 20% of Australian energy from renewables by 20205. This will create a new energy mix required for a sustainable low-emissions future.