BAKU, Azerbaijan, Dec.17
By Leman Zeynalova – Trend:
The share of renewables in the global energy mix will rise from the current 2 percent to 11 percent by 2050, Trend reports citing Russia’s Lukoil company.
“Renewable energy consumption will grow faster than consumption of fossil fuels. In the Evolution scenario the share of renewables in the global energy mix will be up from today’s 2 percent to 11 percent by 2050. The Climate scenario suggests even more aggressive growth of the share of renewables compared to that in the Evolution scenario,” Lukoil said in its report on Major Trends in the Global Liquid Hydrocarbon Market to 2035.
The company believes that renewables will gain popularity in the midterm due to the solar and wind generation becoming much less expensive as well as due to the adoption of energy policies that focus on all-round support for renewables pursued in many countries.
“In the longer term, renewables will provide a foundation for the development of hydrogen energy. Today, most hydrogen is produced in catalytic reforming units, which causes heavy CO2 emissions. Leveraging the electrolytic process technology in combination with renewables will help produce hydrogen with zero carbon emissions,” reads the report.
As for oil, Lukoil expects that its share in the energy mix will reduce. “While in road transportation in the long-term perspective electricity and gas will be able to compete with conventional motor fuels, in sectors like petrochemicals, road construction, and motor oil production petroleum products will invariably remain the most cost-efficient raw material”
The natural gas share is expected to rise in the next 20 to 30 years in all the three scenarios as it offers the lowest specific carbon content among all fossil fuels, said Lukoil.
The growth of natural gas consumption is not only expected in energy generation, but also in transportation, reads the report.
LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2 percent of the world's oil production and around 1 percent of the proved hydrocarbon reserves.
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