But what does the future hold? How can we keep supplying energy to an ever-growing population? How much will it cost? And what impact will the energy choices we make have on our living conditions and our planet?
Five global megatrends including; population growth, climate change, technological innovations, higher living standards, and economic development, will shape Australia’s future. As a result, there’s likely to be more changes to the way energy is sourced, stored, transported and used.
Let’s take a closer look at the five megatrends:
- Population. The United Nations estimates that the world population of about seven billion will grow by 27 percent to reach over nine and a half billion by 2050.1
- Climate change. Australia is aiming to reduce carbon emissions by 15 percent below 2000 levels by 2020.2
- Technological innovations. Innovation and information technology will improve the efficient supply and use of energy.
- Higher living standards. Around 1.3 billion people still do not have access to reliable electricity.3 Many social, political and economic commentators have dubbed the 21st century ‘The Asian Century’ due to Asia’s projected political and cultural dominance which will help to lift millions of people out of poverty.
- Economic development. Higher energy consumption is typically linked to increased gross domestic product.