Abundant, reliable and cheap energy was the lifeblood that powered the Industrial Revolution and enabled the development of today’s rich nations. Most of us take it for granted, but in a world without plentiful energy, you wouldn’t be able to heat or cool your house, prepare your food, keep it fresh, get to work, use phones, computers or entertainment systems. Less obvious but even more importantly, most global systems meeting our basic needs would falter. Agriculture would falter because more than half the world is fed by synthetic fertilizers made from gas; industry creates millions of tools and wonders that sustain life, from pharmaceuticals to plastics; and as infrastructure is built with steel and cement, the globally integrated transportation network is entirely dependent on asphalt, trucks and container ships.
This is why there is such a close connection between more energy and higher incomes. No nation has ever gotten rich without a constant and immense flow of energy. Not surprisingly, the rest of the world wants that too.
Humanity has transitioned from dirty and inefficient fuels like wood to still dirty but less inefficient coal, and onward to oil and gas. These transitions took half a century each and were mostly driven by the reality that new fuels were more efficient and cheaper than older alternatives. Now that the world faces the challenge of climate change, many are pushing for an ultra-rapid transition over just a few decades from fossil fuels to clean energy, which is mostly seen as renewables.
Denne historien er fra February 21, 2024-utgaven av Mint Mumbai.
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Denne historien er fra February 21, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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India's economic performance is pretty robust on most counts
The economy's back on its high-growth path and fiscal consolidation is on track but our labour market remains a concern
We should be more receptive to paradigm-shifting ideas
Do we really have free will? Our brains are not wired to accept radical thoughts easily but we must try
We need to invest in nature for the sake of humanity's future
Money must flow into what saves rather than harms biodiversity
Is gold worth its weight amid our demat assets?
It has been a buzzy buy in recent times, with its price soaring over the past year. Investors, however, are likely to be better served by going for intangible forms of this precious metal
The country needs to map its informal economy better
We need more accurate data on enterprises that play a major role in employing people
Some states have started to slip off their fiscal correction paths
Populist outlays and capital expenditure have widened their budget deficits. They must tighten up
How a businessman in his 50s went gung-ho on MFs
From telecom retail to mutual fund: SIPs have bridged Singh's post-covid business slowdown
Principal disabled? Know your PoA rights
My father has been in coma following an accident. He had granted me a power of attorney (PoA) to manage his money, but the PoA has no specified duration. Is it legally valid for me to withdraw funds or conduct other transactions on his behalf for his medical treatment? -Name withheld on request
HOW SALMA HAYEK IS REDEFIMNG PHILANTHROPY
In the worlds of Hollywood, fashion and activism, there's never been anyone quite like Salma.
WORLD SAVINGS DAY: A REALITY CHECK ON INDIA'S DWINDLING HOUSEHOLD SAVINGS CRISIS
High inflation and easy credit lead to financial instability due to overspending and rising debt