Submitted by ETC Staff on
Industry statistics on world energy consumption put the “Green Economy” in much-needed perspective: In 2010 the world’s energy consumption grew by 5.6% - faster than any year since 1973. Fossil fuels accounted for 88% of the world’s primary energy (oil 34%; coal 30%; gas 24%). Nuclear, hydroelectric and “renewables” account for the remaining 12%. Non-hydro “renewables” (wind, geothermal, solar, biomass and waste) – including biofuels – account for 1.8% global energy consumption. World biofuels production grew by 14% in 2010 – but accounted for just one-half of one percent of global primary energy consumption.The world’s top 10 energy companies account for 25% of the estimated $7 trillion energy market. Many of the world’s largest energy enterprises are high-profile investors in synthetic biology. Not only do they seek a cleaner, greener image; they believe that future profits will depend on diversifying and controlling bio-based feedstocks for energy production.