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JP Morgan: Global Energy Investment Requires $1.3 Trillion by 2030

Haiden Holmes

Apr 21, 2022 09:29

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Investments will need to cover all fuel types, including oil and gas, renewables, and nuclear, with oil demand predicted to rise by roughly 10% by 2030 and gas consumption expected to climb by 18%.


"Not all fuels are created equal, and for the most part (and within this time horizon), different sources of energy are not completely interchangeable - solar panels cannot completely replace oil, which is required for industrial production of petrochemicals, for example," according to the outlook, which was authored by 30 JP Morgan analysts.


The analysis contradicts the International Energy Agency's (IEA) stance from last year, which said that no additional investment in fossil fuels was required.


The IEA has recently highlighted that their forecast was merely one of many possible scenarios and urged OPEC to increase oil production.


"On a very long time horizon, all present energy sources will be considered as transitory to a more secure, cleaner, and affordable source of energy. In the long run, this may be accomplished only by nuclear fusion "According to JP Morgan's prognosis.


"Until scalable, dependable, clean, and inexpensive solutions become available, the world will need to deal with all present energy sources - fossil and non-fossil - with their associated limitations," the report said.


It predicted that worldwide end-use energy consumption will increase to 9.5 percent of GDP in 2022, up from an average of 8.4 percent from 2015 to 2019.


Increased energy prices would raise the likelihood of civil dissatisfaction and a halt in the energy transition, according to JP Morgan.

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