The global demand for energy is growing stronger each year. The effects of global warming have put people in situations where they require the use of more energy. It has been at its fastest rate since 2010 according to the research note from the specialists of UBS Monday.
The note also says that although there remains to be a "growing desire" to make the significant shift from the burning of fossil fuels to the use of renewable resources, the demand for more stability in terms of harvesting technology in renewable resources remains. It added that while the resources of renewable fuel supplies are expected to increase at a rather faster pace, the diverse nature of the renewable energy sources will slow down the process. Sometimes, the lack of technology makes it seemingly impossible for the world to be fossil fuel-free.
"The aspiration to diversify energy sources to include more renewable sources of energy, we believe that the demand for coal, natural gas and oil will continue to rise in the coming years," said UBS analysts in their research report.
"We also believe that the supply of renewable energy resources will continue to rise in the coming years, but the pace it will be moving will not be able to keep up with the demand. The diversification of energy sources will not be shifting any faster than how it is today. The transition would be happening slowly. It will be gradual, and it will take time."
However, the research team emphasized the importance of growing possible renewable resources and referred to it as something that is "essential". This step is "necessary in securing the energy that the future needs". It is not just about having enough energy from renewable sources. More importantly, the use of renewable resources of energy comes with its own set of benefits and these should be "key motivators" for the development of the renewables in the long run.
The note also says that diversification is also essential to "mitigate the risk of possible instability in the availability of energy and its price." This would then become pertinent in times when supply and demand don't seem to meet in the middle, it added.
In the long run, the desire to shift from fossil fuel burning to renewable resources will be beneficial. The road to the shift may be slow, but when it remains steady, the world will eventually be carbon-free and thriving.