Exxon Projects Oil and Gas to Be 54% of World's Energy Needs by 2050

 

 

 

 

According to a report by Exxon, oil and gas will continue to dominate global energy demand and make up 54% of the world's energy needs by 2050. The report, released on Friday, emphasizes the company's commitment to meeting the world's growing energy demands while also addressing climate concerns. Exxon states that policies focused on reducing greenhouse gas emissions should focus on promoting innovation and technology development, rather than solely relying on a rapid transition to renewables.

 

Exxon's projection is based on the assumption that current government policies and technology advancements will continue without a significant shift towards renewables. The report highlights the company's ongoing investment in lower-emission technologies, such as carbon capture and advanced biofuels. Exxon believes that these technologies will play a crucial role in reducing emissions in the future.

 

However, critics argue that Exxon's outlook reflects its self-interest and a reluctance to transition away from fossil fuels. They believe that focusing on oil and gas as the primary source of energy will hinder efforts to combat climate change and accelerate the adoption of cleaner alternatives.

 

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https://www.reuters.com/business/energy/exxon-projects-oil-gas-be-54-worlds-energy-needs-2050-2023-08-28/

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