The International Energy Agency’s (IEA) World Energy Outlook 2018 forecasts a 25 per cent growth in global energy demand by around 2040. Despite progress in green energy alternatives, up to 70 per cent of that demand could come from fossil fuels. The IEA outlook also notes that developing countries will lead that demand.
In this week’s About Pipelines Blog post, we take a look at one of the major factors driving continued increases in energy demand.
A 2015 blog published by the World Bank reported, “around one in seven, or 1.1 billion people, don’t have access to electricity, and almost 3 billion still cook with polluting fuels like kerosene, wood, charcoal, and dung.” (What You Need to Know About Energy and Poverty. World Bank Blog. 2015.)
Energy underpins every aspect of modern life, driving economic growth and prosperity and, as a result, has a direct link to people’s standard of living. (EY. Future of Energy Series. 2016). Developing countries need access to cleaner, responsibly produced energy supply to address air pollution and to create conditions that will raise standards of living and lift their populations out of poverty.
A report by the Canadian Association of Petroleum Producers (CAPP) shows Canada is well positioned to meet this growing global demand. The report notes that “rising energy demand offers Canada an opportunity to become the world’s energy supplier of choice—serving global markets with responsibly produced energy that displaces production from countries with poorer environmental performance.” Canada is not only a more responsible producer, but also has an abundance of clean-burning natural gas that can be converted to liquified natural gas (LNG) and is ideally situated as an exporter to emerging economies across the Pacific.
Canada has the third-largest proven oil and gas reserves in the world, and leading standards and practices in safety, environmental protection and social responsibility. This positions Canada as an ideal supplier of responsibly produced oil and natural gas for local and international markets, building a better future for all.