There is an obvious connection between energy and economic growth: cheap fuel means lower production costs. As energy consumption is on an upward trajectory -with growth in the Far East and Latin America outpacing the industrialised countries in the near term - the key to prosperity is to develop cheaper and sustainable sources of fuel to replace fossil fuels and curtail the environmentally-unfriendly carbon footprint.
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Even using all available sources of today’s energy, there are bound to be shortages, according to Gazprom’s Deputy Chairman, Alexander Medvedev. “Production demand in Europe, in a conservative forecast, will be half a trillion cubic metres by 2030; that’s 500-billion cubic metres a year. If you add together all the capacities of NorthStream, SouthStream, Nabuka, etc...there will still be a gap (between output and demand). So it’s necessary to invest now so nobody will fall into that gap.”
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