Search for an Alternative to Fossil Fuel: The Rising Power of Solar Energy

Royal Dutch Company prognosticates that world demand for oil will reach its peak between 2035-2040, after which solar power or gas will take the lead according to a study.

After research into global energy prospects, Shell came up with two possible scenarios called ‘Mountains’ and ‘Oceans’.

The first one predicts slow international economic development and the markets largely controlled governments that will stimulate nuclear energy exploitation.

It also suggests that ecology-friendly natural gas will become the backbone of the world’s energy system substituting coal as the main fuel in electricity generation. In this case, there will be some changes in transportation, with trucks and cars largely powered by electricity and hydrogen, and CO2 emissions will be reduced.

‘Oceans', which is the second forecast considers a more dynamic and ‘fluid’ global economy where reforms trigger a productivity growth and whose development will be determined largely by market forces and civil society, with a smaller role of government.

This scenario focuses on solar power that can become the dominant energy source outsmarting the traditionally known ones in 2060s-2070s as high energy prices unlock more expensive resources and technologies based on the in-depth analysis .

Nuclear energy development will be restrained by the popular concern while coal will continue to be widely used in electricity generation, Shell experts predict.

The demand for oil has been declining every month and at the end of the year will have decreased by 2.08% which is 18.56 million barrels per day according to global oil report.