Organization of oil exporters (OPEC) predicted that the demand for oil will continue to grow to the middle of the next decade. According to Bloomberg, States believe that fuel consumption will increase, despite the struggle for the salvation of the planet.
In 2020, the demand for oil fell due to restrictions on travel and reducing economic activity during the pandemic period. According to countries exporters, world fuel consumption will be fully recovered by 2023 and will continue to grow until it comes to the plateau after 2035. OPEC questioned the intention of countries to abandon fossil fuels. This measure will be discussed at the COP26 climate conference at the end of October.
“There are still serious doubts about whether all these ambitious commitments will be made to combat climate change in the proposed time frame,” said the organization’s secretariat in Vienna. In its report, exporter countries recognized that renewable energy sources are the fastest growing market segment due to the “green” policy and reduce production costs. However, according to OPEC estimates, in 2045, environmentally friendly energy will be able to provide only 10 percent of the world need.
In early 2020, the leader of OPEC Saudi Arabia has already stated that the hopes to achieve zero emissions by 2050, reducing investing in fossil fuel, is a fantasy from the series “La La Land”. Nevertheless, some energy companies argue that because of the fight against climate change, they lack financing. In their opinion, the lack of funds for new projects can lead to a deficit of the supply, which will accelerate the rise in oil prices that have already reached record indicators.
To exit the energy crisis, governments and investors pushing companies to produce cleaner fuel and are ready to provide funding for such developments. For example, Bill Gates attracted a billion dollars for his organization, the main goal of which is the development of “green technologies”.