The world is growing at an expedited pace. By 2040, the population of our planet is predicted to hit 9.3 billion people. In addition, the global middle class is expected to double. Demand for energy around the world is increasing every year.
Energy stability is more paramount than ever as people rely on more and more energy to sustain their lifestyles. Paired with a rising use of airline travel and shipped goods, global energy demand is expected to increase by 30 per cent in the next 22 years.
Enter the renewable energy market. While renewables will play an integral part in meeting future energy demand, renewables alone can’t meet future global energy needs. Oil and natural gas demand will increase. As a major energy exporter, Newfoundland and Labrador (NL) has an opportunity. That opportunity is to help meet global demand for energy around the world today and in the future. To do so, the province must do everything it can to make sure our oil and gas projects are competitive and attracting the attention of the world’s oil and gas players.