Has the World Ever Done Energy “Transition”?

Global Population Growth Drives Energy “Addition”

Energy demand has dramatically increased over time, with a rapidly increasing global population and growing dependence on fossil fuels.

development involving coal, then crude oil and natural gas, followed by hydroelectric and nuclear, and most recently wind and solar. Two notable observations from this history: 1) with maybe the exception of whale oil, the world has never “transitioned” away from one dominant energy source to another; and 2) access to affordable energy led to industrialization and the advancements in science, engineering, agriculture, and medicine that have supported rapid population growth and quality of life. As seen in the graph above, despite advances in energy, the world currently burns nearly twice as much wood (traditional biomass, which emits more carbon than coal) than it did in the 1800s. The world’s insatiable demand for energy is a product of population growth and desire for better living conditions in developing regions. According to the World Population Prospects 2022 report from the United Nations, the world’s population reached 8 billion in 2022 and is expected to peak around 10.4 billion during the 2080’s before remaining at that level until the end of the century. energy industry will continue to play a meaningful role in the coming energy evolution, both in the context of cleaner, more efficient operations and in meeting the needs for affordable, lower-emission energy solutions.

We believe in the premise of “energy addition” or “energy evolution” one that features an all-of-the-above approach to energy. This approach recognizes the necessity of fossil fuels in our world; the need to produce, transport, and consume energy more responsibly; and the importance of the addition of low-carbon energy sources to support the world’s growing energy needs. We believe the U.S.

Our Evolutionary Technology group has made significant strides since its formation in May 2021. This group has identified practical, cost efficient, and economic projects to lower our own carbon footprint and support our customers’ objectives to improve theirs. Our principal areas of focus are carbon capture and storage, the hydrogen/ammonia value chain, low carbon fuels, and circular products. We believe these frontier areas will take a number of years to commercially develop, construct and implement.