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What does the future of energy look like?

On Behalf of | Apr 6, 2022 | Energy Law |

It’s become very clear that energy sources are shifting. This is, of course, an impossible thing to avoid. Fossil fuels are finite and will eventually run out, so there has been an effort to look into other energy sources. These include things like hydroelectric dams, wind farms and solar arrays.

Change like this takes a long time. It’s not as if all energy sources are going to shift by next year. But what does the long-term future of energy look like? The demand is just growing greater and greater as technology takes over and the population increases, so how are we going to meet that demand?

Predictions for 2040

It’s impossible to know exactly how things will change, but experts have begun making predictions for 2040. That’s just a little less than two decades away, and here are some of the things that they’ve predicted:

  • There will be a 28% increase in energy demands.
  • Renewable energy sources, such as wind or solar, will make up about 70% of the energy sources in the world.
  • This will lead to a reduction of carbon being added to the atmosphere that clocks in at an impressive 80%.
  • Fossil fuels will still exist and will still be produced, but they will play a much smaller role than they do today.

If you’re a business owner who is looking at these numbers and thinking about the inevitability of the future, you may be interested in getting into the space early. There’s clearly going to be growing over the next 20 years, and you can be a part of that. Just make sure you know exactly what legal steps you’ll need to take, as compliance and business structuring are very important in this industry.