The Future of Fossil Fuels: Challenges and Opportunities in a Low-Carbon World

Ekrem Alagoz; Yaser Alghawi

Ekrem Alagoz Turkish Petroleum Corporation (TPAO), Ankara, Turkey https://orcid.org/0000-0002-2622-0453
Yaser Alghawi Department of Petroleum Engineering, Texas A&M University, TX, USA

Keywords: Fossil fuels, Low-carbon economy, Greenhouse gas emissions, Renewable energy, Carbon capture and storage

Abstract

This review article examines the challenges and opportunities facing the future of fossil fuels in a low-carbon world. The article begins by discussing the importance of fossil fuels in the global energy mix and the need for a transition to a low-carbon economy to address climate change. It provides an overview of the history and evolution of fossil fuel use, the current state of the fossil fuel industry, and the definition and types of fossil fuels. The article then explores the challenges facing the future of fossil fuels, including the need to reduce greenhouse gas emissions, declining costs of renewable energy, and political and social pressure to reduce fossil fuel use. However, the article also highlights several opportunities for the future of fossil fuels, including technological advancements in carbon capture and storage (CCS), the potential role of natural gas as a "bridge" fuel, and the use of fossil fuels in non-energy applications. To illustrate the challenges and opportunities, the article includes case studies of countries or companies that are successfully transitioning away from fossil fuels and examples of innovative fossil fuel projects or technologies. The review concludes with a discussion of the future outlook for fossil fuels and the potential paths forward in a low-carbon world. Overall, this review provides a comprehensive overview of the future of fossil fuels and the challenges and opportunities that lie ahead.

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