Why fossil fuel producers are oddly optimistic in the climate change era.
But even with greenhouse gas concentrations in the atmosphere reaching levels not seen in eons and after the hottest year humans have ever measured, the fossil fuel industry whose products are driving climate change sees a bright future for itself. After all, despite the extraordinary expansion of clean energy generation, fossil fuels have only lost a small share of the global energy mix and are still expecting more growth.
The majors believe that technologies like carbon capture and storage will allow them to continue selling their wares as emissions regulations ratchet down, and that power-devouring technologies like artificial intelligence and growing markets in developing countries will continue to raise demand. By some estimates, data center electricity use is on track to more than double by 2026. Coal, oil, and natural gas consumption are at or near record highs in many parts of the world and their emissions are currently on track to grow through 2050, according to the Energy Information Administration. The world is hungry for BTUs and watts, and the energy industry is eager to serve them.