The importance of energy

Economic growth and energy demand are intertwined:

• Despite the current economic downturn, and even with significant strides in improving energy efficiency, global energy demand is projected to be about 30 percent higher in 2030 compared to today’s level.
• The vast majority of increased demand will occur in developing countries, where populations, economic activity and improvements in quality of life are growing most rapidly.
• The dual challenge is how to meet the world’s growing energy needs while also reducing the impact of energy use on the environment.
• Environmentally responsible development and use of all energy resources are essential to supplying the energy – and supporting the economic growth – that Canada and the world need.
• Due to their availability, affordability and versatility, oil and natural gas will continue to supply about 60 percent of the world's energy needs over the outlook period.
• Supplying increasing amounts of oil and natural gas is a long-term proposition that will require access to resources, large-scale investment, and the development of new technology to tap frontier energy sources.

Oil and natural gas will continue to supply about 60 percent of the world’s energy over the next two decades.

Each year, ExxonMobil (Imperial's major shareholder) develops The Outlook for Energy, an in-depth look at the long-term global trends for energy demand and supply, and their impact on carbon dioxide (CO2) emissions. The Outlook is the result of a detailed analysis of approximately 100 countries, 15 demand sectors and 20 fuel types. Imperial participates and inputs to the analysis.

This year’s report focuses on energy demand to the year 2030. It examines key drivers of rising demand and the way this demand will be met by the various available energy sources, including fossil fuels, nuclear power and renewable energies, and it provides insight into the challenge of meeting growing energy needs while mitigating global CO2 emissions. Click here to learn more.