PNNL

Abstract

The current annual worldwide energy consumption stands at about 15 terawatts (TW, x1012 watts). Approximately 80% of it is supplied from fossil fuels: oil (34 %), coal (25 %), and natural gas (21 %). Biomass makes up 8% of the energy supply, nuclear energy accounts for 6.5 %, hydropower has a 2% share and other technologies such as wind and solar make up the rest. Even with aggressive conservation and new higher efficiency technology development, worldwide energy demand is predicted to double to 30 TW by 2050 and triple to 46 TW by the end of the century. Meanwhile oil and natural gas production is predicted to peak over the next few decades. Abundant coal reserves may maintain the current consumption level for longer period of time than the oil and gas. However, burning the fossil fuels leads to a serious environmental consequence by emitting gigantic amount of green house gases, particularly CO2 emissions which are widely considered as the primary contributor to global warming. Because of the concerns over the greenhouse gas emission, many countries, and even some states and cities in the US, have adopted regulations for limiting CO2 emissions. Along with increased CO2 regulations, is an emerging trend toward carbon “trading,” giving benefits to low “carbon footprint” industries, while making higher emitting industries purchase carbon “allowances”. There have been an increasing number of countries and states adopting the trade and cap systems.