Shell’s CEO, Jeroen van der Veer has three hard truths in his op-ed in Times OnLine.
1. The first hard truth is that demand is accelerating. Energy use in 2050 may be twice as high as it is today, or higher still.
2. The second hard truth is that the growth rate of supplies of “easy oil”, conventional oil and natural gas that are relatively easy to extract, will struggle to keep up with accelerating demand.
3. The third hard truth is that increased coal use will cause higher CO2 emissions, possibly to levels we deem unacceptable.
“That is why energy efficiency is so important.
What’s the point of producing ever more energy if we continue to waste most of it? Instead, we should aim to become twice as efficient in our use of energy by the middle of the century. That is entirely feasible, provided that the will is there.
The world’s energy system is entering a turbulent phase, and the only question is: how turbulent? A cooperative world will respond more effectively than a fragmented one. Provided governments create the right rules and incentives, and don’t throw up barriers, the global market will direct money and brainpower to the best solutions. The alternative is a global market failure, and future generations would pay the price.
The author is chief executive of Royal Dutch Shell”
Go read the whole thing and