European Energy Charter: Early to talk about oil era’s end
Baku, Azerbaijan, Oct. 19
By Maksim Tsurkov – Trend:
It’s early to say that the oil era came to an end, Secretary General of the Energy Charter Urban Rusnak said.
He was answering the question of Trend’s correspondent during a press conference within 7th International Forum on Energy for Sustainable Development in Baku.
Rusnak said that given the current trends, many experts agree that the oil era is over, but this is not true.
The 21st century, of course, is the age of renewable energy, he said. However, traditional sources of energy will keep their positions for several decades to come, he added.
Alternative energy requires development of technology, and high oil prices have pushed a number of countries to study this sphere, he noted. However, oil prices fell to $40, but the demand for oil is still high enough, Rusnak said. Therefore, it would be premature to talk about the end of the oil era, he noted.
The share of renewable energy sources in the global energy consumption was 2.8 percent in 2015, according to BP's report. The European Renewable Energy Council forecasts that by 2040, renewable energy sources will provide 50 percent of energy production in the world.
In accordance with the decision of the European Parliament, the share of renewable energy sources in the EU energy balance should reach 20 percent by 2020 and 40 percent in 2040.
Azerbaijan plans to bring the share of alternative and renewable energy sources in the country's energy balance to 20 percent by 2020.
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