OPEC projects rise in renewable energy demand

AN official of the Organisation of Petroleum Exporting Countries, OPEC, Irene Etiobhio, has said that there will be an increase in the demand for renewable energy and that it will rise significantly faster than any other source of energy.

Etiohio, who is also a focal person of the OPEC-Africa Energy dialogue, said on Tuesday at the ongoing Nigeria International Energy Summit, NIES that renewable energy would rise significantly faster than any other source of energy around 7.1 to 12.5%.

She said that with the increase in transportation, there would also be a rise in the demand for electric vehicles in the world.

“By sector, aviation and transportation and biochemical will redefine all the demand going forward, while electricity generation is the only area expected to witness a decline.

“In fact, the share of electric vehicles should increase to about 22% by 2045. That means by 2045, we expect 2.5 billion vehicles on the road, and about 22% of those will be electric vehicles.

“In the long term, OPEC liquid supply will decline again from early 2030’s to an average 60 to 7.5 billion barrels per day in 2045.

“Recently, OPEC conducted a study on energy scenarios, we have two scenarios along side with our reference point scenario.

“The first scenario; the advance technology scenario address the need to reduce emissions that follow an alternative trajectory to the main street focus of substituting fossil fuel with renewable energy sources.

“In the second scenario, which is the laissez-faire scenario; faster economic growth and development needs in low risk countries highlights the potential in higher future energy requirements. The continued use of oil and gas will facilitate these goals,” she added.