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Energy is vital to our daily lives. We need it to produce food, fuel transport, and power communication channels. By mid-century, our planet could be home to more than 9 billion people – up from 7 billion today – with three out of four of us living in cities.

Demand for energy could be 75% higher in 50 years from now.At the same time, the world’s remaining supplies of oil and natural gas are increasingly difficult to find, unlock and produce. Factors include remote environments, complex geologies or even deeper water.

If we are going to meet rising demand, we will need energy from all sources. Undoubtedly some of that energy will come from renewable sources such as the wind and the sun. With a truly exceptional effort, we believe as much as 25% of the world’s energy could come from renewables by 2050. But non-renewable forms of energy will have to make up the rest.

More energy, more innovation, less CO2

Running concurrently with the need to produce more energy is the equally pressing need to cut carbon dioxide emissions. The world will need to halve carbon dioxide (CO2) emissions by 2050 to avoid the worst effects of climate change. So not only will the world require more energy but also cleaner, low-carbon energy.

To meet the rising energy demand in the most socially, environmentally, and economically responsible way, we need to leverage the full power of innovation: the capacity for doing things differently and better than before.