Greenhouse gases, forest fires, floods, fossil fuel abuses: yet oil consumption continues to grow

The implications of oil consumption

Oil consumption worldwide reached approximately ninety-seven point three million barrels per day in 2022, a rise of around three million barrels per day from the year prior. 

Oil consumption in 2021 showed a rise from the year before of around four million barrels per day, with the figure hitting 94,372 million barrels per day.

Due to the demand driven by emerging nations of the world, oil consumption worldwide could rise to a record level of 102.3 million barrels per day for 2023, according to the monthly projections updated in June by the International Energy Agency (IEA).

These numbers indicate that the world remains firmly in the hydrocarbon era, as oil consumption rises consecutively with every year, with the exception of 2020 during the coronavirus pandemic and years of financial crisis, when oil consumption doesn't show a consecutive yearly increase.

Global coal demand stands at a very high level, with the figure projected to reach 4.7 billion tons by the first half of 2023, growing at about 1.5 percent, lifted by an increase of one percent in power generation and two percent in non-power industry use.

Though the IEA believes oil demand will show a fall in the future, the Organization of Oil Exporting Countries (OPEC) gives the indication that fossil fuel demand will hover at a very high level, projecting oil demand to rise by 2.25 million barrels per day in 2024, compared with a growth of 2.44 million barrels per day for 2023.

Oil demand reached an all-time high of 103 million barrels per day in June, and it's the Organization for Economic Cooperation and Development (OECD) nations allowing oil consumption to remain at this very high level, with growth driven by China, India, and some other south-east Asian nations.

In other words, oil consumption continues to remain at a very high level due to the strong demand by OECD nations, the rising demand for coal, and the rising use of oil, illustrating the fact that the world remains firmly in the hydrocarbon era, with oil consumption growing consecutively yearly, creating a dangerous situation for the entire species.

Global greenhouse gas (GHG) emissions could show a projected rise of 50 percent in 2050, due to the 70 percent rise in fossil fuel-related carbon dioxide emissions, with the atmospheric concentration of GHG reaching 685 parts per million (ppm) carbon dioxide equivalent.

The planet could reach a projected two degrees Celsius rise above the temperature for pre-industrial times by 2050, and combined with a world population expected to rise from seven billion today to over nine billion by 2050, this could mean a substantial increase in the competition for scarce land in the coming decades.

Based on a business-as-usual trend, global emissions from carbon dioxide could bring an increase to 43.08 billion metric tons in 2050, in comparison to 35.3 billion metric tins of carbon dioxide in 2018, when emissions reached their highest level from strong economies and extreme weather conditions.

A publication in February 2022 showed a dire situation in relations to sea level rise by 2050, as the flood from this could overwhelm a projected 300 power stations across C40 cities, with millions of people around the world facing crisis from river flooding.

These projected number of far-reaching consequences related to climate change could occur by 2050 if oil consumption continues to persist at a very high level, because they will arise from nations remaining in the hydrocarbon era of consecutive yearly increases of oil consumption, a dangerous situation for the species.

For solutions therefore, the consumption of fossil fuel needs to be cut. This will bring down the rate of carbon dioxide emissions. It will slow down the rate of methane emissions. It will reduce the rate of emissions of other greenhouse gases. The species will have a greater capacity to halt its extinction, which could be made possible through climate change.

Five Surging Al-powered climate tech companies

Sylvera

Founded by Allister Furry and Samuel Gill in 2020 in London, Sylvera utilises satellite imagery and machine learning to calculate and ascertain carbon emissions from forests. Sylvera’s platform allows machine learning algorithms to estimate and measure the quantity of carbon  in forests. Companies and governments use this data to analyse their carbon footprint and project progress toward carbon reduction goals.

Solar AI Technologies

The company focuses on enhancing the efficiency and reliability of solar power plants by enabling machine learning algorithms to estimate and calculate solar energy output. Belong Chew founded the company in 2020 in Singapore. The company’s platform uses satellite imagery to arrange data on weather patterns, cloud cover, and other factors that impact on solar energy generation. Then it utilises AI to project and arrange energy output.

Reep Green Solutions

The company enables education and sustainable living solutions. Founded by Mary Jane Patterson in 1999, the company creates numerous services, including home energy assessments, rain barrel and compost bin sales, tree planting programs, and environmental education workshops. Reep Green Solutions plans to assist individuals, organizations, and municipalities to cut down on their environmental challenges and bring about more sustainable communities.

Giki

This helps consumers through a mobile app to choose sustainable purchasing decisions by making available information on products’ environmental and social impact. Through a proprietary algorithm , it enables customers to rate products based on factors like carbon footprint, use of sustainable materials, and social responsibility. Users can analyse the barcode of a product or look for it in the app to rank its Giki rating and gather more facts on its environmental and social impact. Jo Hand and James Hand established the company in 2017.

Watershed

• The company aims to bend the climate curve, enabling companies like Stripe, Spotify, Klarna, and Airbnb to analyse, cut down, and estimate their carbon emissions with real-time, audit-grade emissions data in order to empower business value creation, regulatory compliance, and global climate impact. Avi Itskovich, Taylor Francis, and Christian Anderson created this company in 2019 at San Francisco.

What to Eat

Vegan foods, Credit, Vegan Guide to Singapore