We Must Have More Energy To Achieve Reduced Emissions

Nick Loris writes in RealClearMarkets that we need more energy to reduce emissions.

Politicians and diplomats talk frequently about the coming “energy transition.” But what they should highlight is something the planet must have: energy expansion.

More energy is necessary, because too many people still live in energy poverty. For example, more than 600 million people in Africa do not have access to electricity, even as the population on that continent may nearly double to 2.5 billion people by 2050. Asia’s Development Bank reports that more than 350 million people there have limited access to electricity, and 150 million people have no access. Reducing household energy poverty is a priority, but so too is providing the necessary power for emerging economies to develop.

More energy is necessary for greater energy security. Half a century after the 1973 oil crisis, energy security remains at the forefront of international dialogue. Russia’s invasion of Ukraine in 2022 reminded the world how energy can be weaponized and the Israel-Hamas war could have implications for energy production in the Middle East.

And more energy is necessary for greater productivity. Since energy is a necessary input for most industrial processes, businesses have an economic incentive to produce more with less. As the International Energy Agency puts it, “Improvements in energy efficiency over the past three decades have played a key role in limiting global increases in energy use and CO2 emissions.”

Read the full article of RealClearMarkets

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