Renewable energy can't replace oil and gas by 2040


According to a leading economist energy company Eirika Vernessa, the world will continue to rely on fossil fuels in the future. "Even a strong growth of renewable energy sources will not be sufficient to replace the natural decline in mining sites and to meet the global demand for energy," he said.

In turn, Statoil expects to increase the share of renewable energy in the global energy mix.

If green energy will continue to build its capacity, the experts expect a market growth of new renewable energy from 1% to 7% in 2040. Fossil fuels will provide 75% of world's energy by 2040, which is 6% less than in 2010.

It should be noted that the forecasts correspond to Statoil's report, which was released by the International energy Agency (IEA) in early June. In particular, the organization pointed to the fact that the mid-term annual investments are focused on renewable energy, while the bulk of spending is directed at fossil fuels.



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