The challenge – secure, sustainable and affordable energy
Maintaining a steady supply of affordable energy in years to come is one of the biggest global challenges. Energy is indispensable for economic growth and prosperity.
Oil and gas are an integral part of our everyday lives, and that is not about to change. The major technological breakthroughs of the 19th and 20th centuries, the emergence of the automotive and aviation industries, and innovations in the chemical industry drove the rapid expansion in demand for fossil fuels and petrochemicals. The birth of the “petroleum age” in turn prompted technological advances, and made conventional energy sources the foundation of economic growth and prosperity. Coal dominated the European energy market up to the middle of the 20th century, but was overtaken by oil in the 1960s and accounted for almost half of global energy consumption by the time of the second oil price shock in 1979. Today, oil and natural gas make up around 56 percent of world energy demand, as well as approximately 56 percent of Austria’s energy needs.
Sources: BP Statistical Review of World Energy 2015; Statistics Austria