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Hunger for oil amid the quest for renewable energy
Context:
Amidst rising global energy demand and environmental concerns, there are challenges, contradictions, and financial tensions in the global energy transition.
The Energy Transition Dilemma
- Rising Global Energy Demand: Over the last five decades, global energy consumption has grown by approximately one percent annually.
- The Promise of Renewable Energy: While there is immense potential in renewable energy resources, the high initial costs of harnessing these sources pose challenges.
- Contrasting Actions of G20 Leaders: Despite commitments to triple renewable energy capacity by 2030, the G20's financial actors continue to provide substantial support to major fossil fuel exploration and production (E&P) companies.
Challenges in the Green Transition
- Limitations of Wind Energy: Inflation and capital costs have made offshore wind projects vulnerable, as demonstrated by Vattenfall's experience at Norfolk Boreas wind farm.
- Ongoing Oil and Gas Exploration: Despite global efforts towards green energy transition, extensive oil and gas exploration and collaborations persist in regions like Latin America and the Caribbean. Major players continue to pursue oil resources.
- India-Saudi Arabia Energy Relations: Saudi Aramco's Jafurah gas field project and India's involvement indicate the potential for deeper energy relations between the two countries.
Role of Petrochemicals and Energy Outlook
- Petrochemicals' Growing Significance: The growing importance of petrochemicals in daily life predicts that petrochemicals will contribute significantly to the growth in global oil demand by 2030.
- Refineries and Petrochemicals: The connection between refineries and petrochemicals is increasing, diverting more oil towards the chemicals sector.
- Continued Demand for Oil: Despite calls for a green transition and concerns about peak oil supply, there is an assertion that oil demand is projected to increase by 50% by 2050, primarily driven by Asian growth.
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