The harnessing of energy is what makes possible the world as we
know it. The bounty can be measured in terms of virtually everything we
do in the course of a day. But can we bet on that for the future?
The growth in world energy demand in the coming decades will be very
large, an increase of as much as 35 to 40 percent by 2030. Can this need
be met? This increase alone will be greater than all the energy that
the world consumed in 1970. Underpinning it all is a fundamental shift
in global energy demand, which reflects big changes in the world
economy.
At the start of the 21st century, "developed"
countries still represented two-thirds of total oil demand. By the end
of the decade the split was 50-50 and the shift continues to this day.
In terms of oil, North America, Europe and Japan have already reached
peak demand. Because of demographics, increased efficiency and
substitution, their petroleum consumption will be flat or declining.
