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2OVERVIEW OF THE ENERGY SITUATION 2.1 THE GLOBAL SETTING N Global energy consumption is dominated by fossil fuels. It is estimated that approximately 87.3% of global total primary energy supply (TPES) in 2007 was supplied by non-renewable energy sources, while the share of renewables (hydro, geothermal, wind, solar and biomass) was 12.7%, up from 12.5% in 1973, a limited increase in the energy mix, see Figure 1. Figure 1. Fuel shares of total final primary energy supply in 1973 and 20073 N Moreover, despite the high volatility of oil prices on the global market, current consumption for 2009 was 84.9 million barrels per day, expected to grow to 86.5 barrels in 2010 and reach 118 million barrels per day by 2030.4 N The majority of this growth will take place in China, India and OECD countries. N Soaring oil prices in 2007 and 2008 reached a record high of US$147 a barrel in July 2008 and helped to precipitate a global economic recession, which dampened but did not stop the historically-sustained growth of energy investment, energy consumption and CO2 emissions. N Oil prices subsequently collapsed to 91 EC$ per barrel (US $34/bl) by the end of 2008, but by the end of 2009 had returned to ~216 EC$ per barrel (US $80/bl). In mid-2011, several of the world’s major economies have shown initial signs of recovery, bringing with it the likelihood of increasing demand and with that increased oil prices. 3. International Energy Agency (IEA), 2009. Key World Energy Statistics, 2009. International Energy Agency, Paris, France, pg. 28. Last accessed March, 2010 at: http://www.iea.org/textbase/nppdf/free/2009/key_stats_2009.pdf 4. Statistics from the International Energy Agency www.eia.org http://www.finfacts.ie/irishfinancenews/article_1016796.shtml 2 GRENADAPDF Image | THE NATIONAL ENERGY POLICY OF GRENADA
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