last updated 13th October 05
By 4ecotips

New energy sources taking over

In a plenary speech to the 18th World Petroleum Congress in Johannesburg, South Africa, Worldwatch Institute President Christopher Flavin said: "Global energy markets are at a tipping point, with new energy sources ready to begin replacing oil and other fossil fuels.

Speaking to 5,000 delegates, including ExxonMobil President Rex Tillerson and Saudi Oil Minister Ali Al-Naimi, Flavin pointed out, "Energy markets are about to experience a seismic shift. The question for oil executives is whether you're in the oil business or the energy business. Production of biofuels, wind power, and solar energy are all growing at rates of 20-30% per year, compared with growth rates of 2% for oil and gas.

"New energy sources are attracting roughly $30 billion in investment annually," Flavin noted. "Brazil, China, Germany, Japan, and the US state of California are among the market leaders."

Flavin's remarks were based on recent findings by the Worldwatch Institute's award-winning research team, which is closely monitoring new energy technologies and markets around the globe. Working closely with government, business, and non-governmental leaders, the Institute provides strategic advice on how best to tap the world's abundant supplies of renewable energy.

The World Petroleum Congress, held in Africa for the first time, was attended by hundreds of oil industry leaders as well as energy ministers. This year's conference, which came at a time of soaring oil prices, focused on "Shaping the Energy Future: Partners in Sustainable Solutions."