59767
Adopting renewable energy sources alone would trigger $140b to $350b in power cost cuts.
Adopting renewable energy sources alone would trigger $140b to $350b in power cost cuts.

New Technology Can Unlock $1.6 Trillion in Energy Savings

New Technology Can Unlock $1.6 Trillion in Energy Savings

Optimizing energy use could unlock between $900 billion and $1.6 trillion in savings globally in 2035, according to a new report by the McKinsey Global Institute.
The savings, which roughly equal the current GDP of Canada or Indonesia, the document noted, would mostly come from depressed demand as energy-efficient automobiles, electronics and other items become part of the day-to-day lives of the billions living on earth, Oil Price reported. Adopting renewable energy sources alone would trigger $140 billion to $350 billion in power cost cuts.
Though the benefits of going green are numerous, both to the purse and planet, the report warned of severe sociopolitical consequences if government and non-government actors did not do enough to balance the effects of sophisticated technologies that replace manufacturing jobs.
Oil companies have accelerated their adoption of automated techniques over the past three years as a steep drop in oil prices prompted massive layoffs all over the world.  After the 2014 crash, oil producing nations no longer had the funds to pay their citizens that they had employed through their state-run corporations, and oil multinationals could not sustain operations at rock-bottom prices.
“Resource exporters whose finances rely on resource endowments will need to find alternative sources of revenue,” the report said of countries that risk total collapse as peak oil demand approaches. From then on, it will be economic freefall for those who remain maladjusted. Private actors in the energy arena will need to focus on agility to outmaneuver competitors while “navigating a future with more uncertainty,” McKinsey said.
“Companies that focus on the fundamentals—increasing throughput and driving down capital costs, spending, and labor costs—and that look for opportunities in technology-driven areas may have an advantage."

Short URL : https://goo.gl/RJjoEw
  1. https://goo.gl/Fultvn
  • https://goo.gl/vAKVDl
  • https://goo.gl/d4XyvS
  • https://goo.gl/71amvi
  • https://goo.gl/tWtSNi

You can also read ...

BP: Electric Vehicles to Cut Oil Consumption
The emergence of self-driving electric cars and travel sharing...
OPEC Deal Closer to Market Rebalancing
The OPEC deal is closer than ever to meeting its market...
Brent, WTI Prices Slide Over Higher US Production
Oil prices fell on Wednesday, weighed down by a rebound in the...
SP Phases 17-18  Output Increases
Major overhaul operations in phases 17 and 18 of the giant...
The lion's share of petrochemical exports is bound for China, India and South Korea.
Boosting the country's petrochemical revenues entails...
NISOC in Close Cooperation With Domestic Academic Centers
National Iranian South Oil Company can implement complicated...
Special Devices for Gas Regulating Stations
Some 150 natural gas pressure regulating stations have been...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus