May 24, 2016 / by George Carlin / No Comments

Electricity is really just organized lightning.
George Carlin

Imagine the world without electricity! The picture that immediately comes to our mind is that of a life at a standstill. Thus, it wouldn’t be wrong to say electricity has become an indispensible part of our lives and is as much important to us as the air we breathe in. Since we all know that non-renewable energy sources will soon exhaust, it’s a high time we focus on the utilisation of renewable energy sources to meet our needs.

With a sharp rise in the world population, which has led to an increase in the demand for energy, the power sector can be seen under immense pressure to meet the global energy needs. The total energy used by the world’s population is referred to as world energy consumption. It is measured annually and includes energy collected from every source used by humans across the globe. World energy consumption can be considered as the power source metric of the civilisation. It certainly has a massive impact on the socio-political sphere of the human society.

According to a press release (showing projected growth) issued by the US Energy Information Administration (EIA), “World energy use increases from 549 quadrillion British thermal units (Btu) in 2010 to 815 quadrillion Btu in 2040. The increase mainly occurs in the developing world, driven by long-term growth in economies and populations. More than half of the total world increase in energy consumption is attributed to developing Asia. IEO2016 projects renewable as the world's fastest-growing energy source—increasing by 2.6% per year through 2040—but fossil fuels still supply more than three-quarters of world energy use (Figure 2). Although petroleum and other liquids remain the largest source of energy, the liquid fuels share of world marketed energy consumption falls from 33% in 2012 to 30% in 2040.”

A large of number people across the world still rely on wood and biomass for heating and cooking. Despite electricity production, a major part of the world population still does not have access to electricity. The reason being governments are unable to find new sources of power generation. There is a dire need for generating sustainable and affordable energy to eliminate poverty and boost economic growth. With changing times, government agencies in some countries are partnering with private firms to innovate new ways of power generation.

As per the press release issued by EIA, “By 2040, coal, natural gas, and renewable energy sources provide roughly equal shares (28%-29%) of world electricity generation—a significant change from 2012, when coal provided 40% of all power generation. Hydropower and wind are the two largest contributors to the increase in world electricity generation from renewable energy sources, together accounting for two-thirds of the total increase from 2012 to 2040. Hydropower and wind generation each increase by about 1.9 trillion kilowatt hours (kWh) in the IEO2016 Reference case.”

As far as the consumption of coal and the subsequent air pollution is concerned, the press release further states, “Throughout the projection, the top three coal-consuming countries—China, the United States, and India—together account for more than 70% of the world's coal use. China currently accounts for almost half of the world's coal consumption, but a slowing economy and plans to implement policies to address air pollution and climate change contribute to declining coal use in China in the later years of the projection. Inclusion of the CPP substantially lowers coal use in the United States from the level projected in the IEO2016 Reference case. Of the world's three largest coal consumers, only India is projected to increase coal use throughout the projection period.”

Energy demand is an ever-increasing phenomenon; therefore, countries across the world should take upon themselves the responsibility to judiciously use renewable and non-renewable resources so that the future generations too can reap benefits from the same. World of Business, as a global business magazine, aims to uncover and bring into light the current and future world energy requirements and how companies are dealing with the issues concerning the effective utilisation of available resources for power generation. The magazine also talks about events taking place in the power sector that are directly/indirectly impacting the development of this sector on the global platform.