Fossil focus

By 2030, worldwide energy demand is estimated to be almost 40 per cent greater than today — close to the equivalent of 325 million barrels of oil a day. And that assumes we will achieve an energy efficiency improvement of nearly 45 per cent.

Until then about 80 per cent of the world's energy needs will continue to be met by fossil fuels. Of the other energy sources, wind and solar are projected to grow rapidly. But by 2030 they will still only account for about one per cent of global energy demand — just a fraction of the overall energy mix. So it will be conventional energy sources — oil, natural gas and coal — that will need to meet the bulk of our requirements in the coming decades.

And the resources are available. According to the multi-disciplinary science organisation US Geological Survey, there are more than three trillion barrels of conventional, recoverable oil across the globe. take into account non-conventional forms, such as shale oil and heavy oil, and the estimated resource base grows to more than four trillion.