Energy Sector

Energy is vital to industry, transport, infrastructure, information technology, agriculture, household uses and more. Any nation that wants to grow its economy and improve living standards must secure a robust energy supply. Energy use increases with the rise of incomes. As more countries rise out of poverty and develop their economies, energy demand rises correspondingly. The energy is costlier. Due to volatility in prices, supplies are becoming less secure, even for several fast-growing countries. Therefore, lowest-cost energy become important. Earlier coal was considered as cheaper source of energy but it is now become more climatic risky. Fast growing economies, therefore, trying to find low-cost gas as best alternative. Responding to the challenge that domestic supplies cannot keep up with demand, a multifaceted approach will be required. One key task will be to increase resource efficiency and productivity. Innovation is also expanding. There is also rapid growth in renewable energy resources, most notably wind and solar power. Still fossil fuels are the dominant sources of energy powering the global economy.