Current Trends and Issues: Renewable Energy

by Tony Hayward
Group Chief Executive
BP

The world has reached an inflection point concerning the future energy mix. If government and industry act now to develop sustainable regulatory and fiscal structures, we will be able to smooth the transition to a lower-carbon economy of the future. If we wait, then that transition could be very difficult indeed.

Any new regulatory and fiscal structures must be grounded in reality. They must be able to handle the rapid rise in demand for energy, not just from developing nations but across the world. Over the course of the next decade, more than half a billion households are expected to cross the $5,000-per-year income threshold. As they move from a rural way of life to a modern urban existence, they increase their energy consumption significantly. This newfound prosperity is something to be celebrated. We cannot and should not deny the people of the world the right to better themselves.

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