By Akshat Rathi – The optimism surrounding renewable energy masks some harsh realities. Despite decades of progress, about 80% of the world’s energy still comes from fossil fuels—the same as in the 1970s. Since then, we’ve kept adding renewable capacity, but it hasn’t outpaced the growth of the world’s population and its demand for energy.
Today, about 30% of total world energy (and 40% of the world’s electricity) is supplied by coal, which emits more carbon dioxide per unit of energy produced than nearly any other fuel source.
The hugely valuable oil and gas industries, accounting for 33% and 24% of total world energy use, respectively, are also entrenched. “Based on what we know now, we would need major technological breakthroughs or weak world growth, including for large emerging and developing economies, for oil demand to peak in the next 20 years,” says Gian Maria Milesi-Ferretti of the International Monetary Fund. Despite the growth in electric vehicles, most oil companies agree that peak oil is “not in sight.”
If you’re still not convinced, consider this: there are a handful of industries essential to the modern way of life that generate large amounts of carbon dioxide as a side product of the chemistry of their manufacturing process. These carbon-intensive industries—including cement, steel, and ethanol—produce about 20% of all global emissions.
If we want to keep using these products and reach zero emissions, the only option is to have these industries deploy carbon capture. more>