2016: Time for Energy to Reinvent Itself?

The US Energy Information Administration estimates that renewable energies represent more than 10 percent of world’s marketed energy consumption. A technological breakthrough could make renewables like solar or wind more competitive, suggests Tara Schmidt, Global Trends Research manager, in an essay for Forbes. “While renewables continue to grow, the fossil fuel industry is facing more challenging times ahead,” she writes. “Increasing pressure from governments, investors and fossil fuels divestments could further dampen demand – particularly for coal.” The fossil fuel industry can anticipate more price pressure, and firms and their employees have an opportunity to reinvent themselves. A major energy and mining consultancy forecasts that fossil fuels could still meet 80 percent of global energy demand by 2030. Schmidt points out that Amazon founder Jeff Bezos, Microsoft founder Bill Gates and Alibaba founder Jack Ma – each with a track record of disrupting industries – are investing in and calling for new technologies. Global support for a climate agreement has contributed new urgency, and the energy industry could change abruptly at any time. – YaleGlobal