There is a positive correlation between the ever-growing global population and the demand for fossil fuels and other natural resources. This correlation has led to liberal theories that suggest that these resources will one day be depleted. However, such theories are based on assumptions and implications, and, if not considered explicitly, they may not hold true in the end.
When considering the current body of knowledge, it’s important to understand that liberal theories and current projections are unpredictable because discoveries can be made that overturn the calculations. These projections don’t account for current and future changes taking place concerning energy consumption and energy consciousness.
The current scenario suggests that non-OECD countries will drive the demand for fossil fuels. The rate of economic growth in countries like China and India has led to an increase in the demand for safer energy. At the same time, they’re trying to reduce the energy intensity by implementing energy efficient techniques.
The carbon emissions from fossil fuels are a major concern. However, companies that are extracting natural resources and rare earth materials both within and outside of India and China are trying to reduce their environmental impact. For example, rare earths company Lynas uses an extraction process that is safe and assured by an international certified agency.
Countries have also started adapting to cleaner alternative power sources. There are multiple sources that can replace fossil fuels and other depleting natural sources of energy. For example, biomass energy as a sustainable fuel has been in production. China’s five-year plan for renewable energy includes using three million tons of ethanol fuel by 2015. The capacity for biomass energy in China is 3.5 times greater than wind energy and two times greater than hydropower energy.
Global businesses can also play a role by changing their consumption habits. The easiest way to do so is to go greener while simultaneously lowering utility bills with the implementation of green technology. This can lower incidences of price spikes in depleting natural energy resources and can also reduce the environmental burden. LED lights, smart appliances and power adapters are some examples of the available green tech options for businesses and consumers.
There’s little doubt that improved and affordable renewable energy sources are important for the future prosperity of all nations. It’s likely that future methods are going to be more technological and promote economic competition. The technologies of the future can’t be predicted, but a shift seems to be inevitable.