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Insight: Global Energy Growth Influences Preparation

Jul 02, 2019
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By Farrah Khan

 

The energy intensity is decreasing while renewal energy has been on the rise. This is due to companies being cautious about their behavior and depending on renewal energy. Although businesses will not be able to use renewal energy as their primary source, the rise of the overall trend will either flatten out the primary energy or decrease its use. As more advanced economies develop into services economies, they assist with the decrease in demand of traditional energy which industrial industries may use primarily. Given this trend, industries face changes in how they manufacture products and how they conduct everyday business. According to a Mckinsey study, energy needs will decrease by 10% in 2050 compared to 2016. This will drive companies to come up with other ways to doing business. New dynamic markets will emerge and negotiating with governments and new businesses will boom. It is important to prepare for each of these negotiations based on the parameters of the projects and scopes of work. Knowing what you are dealing with and being prepared to show your expertise in the negotiation process is a key factor to success.

 

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