Nicolescu: The share of fossil fuels in world energy production has decreased by just 1% in the last ten years

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Fossil fuels still have a huge share of 80% in the global energy production mix, down by only one percentage point compared to ten years ago, with all the efforts made in this regard, Răzvan Nicolescu, a partner in the consulting company Deloitte, said on Thursday.

“Yesterday, the European Commission published a decarbonisation plan, it is called the Green Deal, for the European economic sector. New negotiations are currently being held in Madrid on the implementation of the Paris agreement in the field of climate change. The energy sectors, the Romanian one, the European ones, the international ones, will be affected, positively or negatively, there will be risks. It is not something we can oppose. We have to understand and we must maximize certain things in this process,” said Nicolescu.

According to him, huge investments are needed to meet the decarbonisation targets. “European Investment Bank made its own calculation and resulted in a figure of 1.15 trillion necessary in investments in 2020-3030,” said Nicolescu.

He said that, until the complete elimination of fossil fuels, there is still one solution: there are certain technologies that can capture and store carbon. “I was looking at the data recently published by the International Energy Agency: 80% of the world’s energy consumption is currently satisfied with fossil fuels. Ten years ago, the percentage was 81%. So, with all the great efforts made in the field of decarbonation, the percentage that fossil fuels represent in the global energy mix is huge. For this reason, you have two solutions: phase-out or make these fuels more environmentally friendly,” said the Deloitte representative, quoted by Agerpres.

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