Report Oct. 5, 2022
Low carbon solutions
Having a suite of lower-carbon technologies for hard-to-decarbonize sectors is important. They have a critical role to play in the energy transition, with multiple options required to meet differing needs. Biofuels, H2-based fuels and CCS are three key lower-carbon solutions needed in addition to Wind and Solar. Pace of deployment for each of these technologies will be driven by policy support, technology improvements and supporting infrastructure development.
Report Oct. 5, 2022
Biofuels growth in transportation
Global demand – million oil-equivalent barrels per day
- Along with electrification, biofuels is expected to play an important role in decarbonization of the transportation space, growing by over 300% from 2021 to 2050.
- For aviation in particular, biofuels is expected to be the primary transition fuel as other options such as battery-electric are not as viable as with road transportation.
Hydrogen-based fuel demand
Global demand – Exajoules
- Low-carbon hydrogen will be a key enabler replacing traditional furnace fuel to decarbonize the industrial sector.
- Hydrogen and hydrogen-based fuels like ammonia are also expected to make inroads into commercial transportation as technology improves to lower its cost and policy develops to support the needed infrastructure development.
Carbon Capture & Storage
CO2 Billion metric tons per year
- Carbon capture and storage is the process of capturing CO2 emission at the source and injecting it into deep underground geologic formations for safe, secure and permanent storage.
- Carbon capture and storage on its own, or in combination with hydrogen production, is among the few proven technologies that could enable CO2 emissions from high-emitting and hard to decarbonize sectors such as power generation and heavy industries, including manufacturing, refining and petrochemicals.
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Outlook for Energy Report • Oct. 5, 2022
Energy supply
Energy – in all its forms – enables growth and prosperity. As economies grow, as technology advances, as consumers become more environmentally aware, and as policies adapt, global energy demand will evolve to meet changing needs.
Outlook for Energy Report • Oct. 5, 2022
Global fundamentals
Energy is essential for human progress. Economic expansion and improving access to energy enable longer, more productive lives for the growing global population.
Outlook for Energy Report • Oct. 5, 2022