The turn of the century has seen developing countries contribute to a rapid worldwide economic growth that has exceeded 45% of its initial appreciation. Spearheaded by China at first, and then India with a 2% annual growth in the supply and demand of energy, the power sector and energy efficiency has been nourished and sustained effectively in the last two decades.
Due to free-flowing commercial engagements and the cooperation that helps it to endure, the global economy is placed properly to experience inevitable growth in all ramifications. This growth will not be restricted to any social class, instead, even the poorer citizens will have access to the basic amenities like electricity and water. Knowing that in 2020, the population of people without access to electricity has been halved from 2 billion people to a little above a billion people since 2000, there is much reason to expect that the number will be reduced to zero by 2040 – a fully powered planet.
Considering that this global economic growth is coinciding with the decline in the amount of power required for production, the transition from being industrial centers to post-industrial nations is becoming a more pliable route for countries of the world. what’s more? These undeveloped civilizations are gaining economic ground faster than the already established nations.
Of course, this energy efficiency is also tied with the diversification of energy sources, with a growing belief that the slowing reliance on fossil fuels will gain more momentum over time. For now, though, the largest producers and users of coal, China, have kept the energy generation and use cycle on stagnant rates – which means a future decline for coal plants is on the cards. On that same note, oil has kept its growth to a minimum with the first of four confirmed trillion barrels of oil accessible from sources like traditional oil, shale oil, deep water oil, Arctic oil, enhanced oil recovery (EOR), heavy oil and, super deep oil, only drawn as recently as 2000, with the tally expected to have reached the second trillion barrel by 2030.
Especially with the various advancements made to improve the efficiency of oil exploration, drilling, reservoir management and offshoring, there’s more reasons every day to start looking at other energy sources. That doesn’t include gas, which has overtaken the production of coal since 2016, with many other energy sources set to overtake both oil, gas and coal before 2030. After all, wood, coal, oil, gas and hydrogen might have succeeded each other in that order, but they show a clear trend in the removal of carbon from the energy sources.
It is more about energy sources like nuclear power that the future lies, even though most of the European nuclear reactors have been decommissioned and very few countries have led the charge in establishing nuclear plants. That excludes Asian countries like China, India, Japan, South Korea and European giants Russia who have erected a combined 55 nuclear reactors since the year 2000, and have reaped at 25% power to compensate for the environmental danger of nuclear processes.
Not that there’s more that can be done about that, for now, with the much safer nuclear fusion projects like the internal consortium-initiated ITER tokamak fusion reactor needing sometime before they become a feasible reality.