The Myth of a Fossil Fuel Phase-Out
How we use energy is a hot topic for a warming world, and fears of pollution and resource strain have produced an arms race of energy efficiency solutions. But despite fears of shortages or threats from pollution, the planet has actually entered an era of fossil fuel abundance that shows no sign of abating.
BRUSSELS – How the world uses energy is a hot topic for a warming planet, and fears of pollution and resource strain have produced a virtual arms race of energy-efficiency strategies. From the European Union to China, economies are vowing to reduce their energy intensity with the help of technological innovations and legislative changes.
Yet, despite these promises, consumer demand for energy is forecast by the International Energy Agency to rise until at least 2040. With the world’s energy needs growing, how can policymakers guarantee supply?
To put it bluntly, the world has nothing to worry about when it comes to reserves. After 40 years of fearing energy shortages, we have entered an era of abundance. We need to guard against false narratives, not scarce resources.