GEOU5022 Global Energy Outlook
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Global Energy for Terms of Technology Advancements (GEOU5022)
Added on 2020-04-29
GEOU5022 Global Energy Outlook
Global Energy for Terms of Technology Advancements (GEOU5022)
Added on 2020-04-29
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Running Head: GLOBAL ENERGY OUTLOOKGlobal Energy OutlookStudent NameCourse Code
1GLOBAL ENERGY OUTLOOKIntroductionGlobal energy trends and requirements have been changing with rapid pace whichconcerns all the major league players in the energy field. Energy requirement of every country isdifferent from another as it depends on the number of population and the extent of industrialcapacity which a country has. In the contemporary world the energy production and itsrequirement is directly related to the climate change. There has been a fuss over the types ofenergy produced and used and its climatic implications on which a number of agreements havebeen signed by the global agencies of energy comprising of the developed countries andsuperpowers. The following easy is about the Global Energy Outlook and its implications inwhich newly formed government in U.S. has taken some steps under the leadership of DonaldTrump. The essay illustrates its details in the discussion. Relevance of Global Energy Outlook within Contemporary OrganizationsIn the light of global energy outlook, Paris Agreement was signed in November 2016which is considered to be a milestone achievement in tackling global climate change. Use ofnon-renewable energy resources such as coal and other fossils have serious degrading impact onthe global climate (Ancona et al. 2017). It has been observed by many environmentalorganizations that mining and use of these sources of energy emit harmful gases in theatmosphere which degrades and pollute the environment resulting in negative global climatechange. International Energy Agency has proved to be instrumental in establishing newrenewable sources of energy in many countries and aims to change the source of energy fromnon-renewable to eco-friendly renewable source of energy (Berardi 2017). Establishment ofwind and solar energy technologies have reached record levels and participating governmentshave decided to change the conventional methods to adopt new methods till 2030. There have
2GLOBAL ENERGY OUTLOOKbeen reduction on the fuel prices which has led to lower investment and returns in the oil andnatural gas business as countries like China and India who were the major importers of fuelshave changed their mindset to use renewable sources of energy. The new policies of energyproduction guided by the COP 21 has turned the tables for energy requirements as all thedeveloped and the developing countries have to comply to the norms of Paris Agreement and theagendas discussed for the COP21 (Cantore et al. 2017). Energy prices vary from time to timemaking all the countries which are dependent on the floating prices of oil vulnerable in theinternational market. It has serious implications on the economies of their respective countries asthey have to but the oil as per the modified rates. Induction of new technologies of energyproduction has caught their eye which is much cheaper and efficient in the long run. Countriesthat lack sufficient funds to install the new technology based energy production mechanisms arefunded by the developed countries and international financial organizations (Coady et al. 2017). In spite of all the efforts made by the global players of energy, the new regime in U.S.headed by Donald Trump has shown clear indications that they have no interest in showingenvironmental protection methods which were applied by Barack Obama. Trump has usheredthat the environmental policies made by Obama should be reviewed and modified. Trump aimsto forfeit the Clean Power Plan of Obama as he thinks that this was the scapegoat for hisgovernment and targets to repeal the entire rule made on acquiring land for energy generationand cancellation of coal leases which were on federal land (Farfan and Breyer 2017). Trump hasordered the authorities to reconsider the Social Cost of Carbon and wants to undo all the actionsof Obama government which were in favor of preparing to counter the global climate change.Trump government is determined to revive all the banned industries of mining and drilling whichwas in his main propaganda of election. President Trump has supported all of the energy
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