The current trend of low rate of demand of crude oil as compared to supply rate has resulted in a considerable decline in the price of crude oil since 2014. Since the lifting of global sanctions from Iran, the supply of crude oil has increased significantly. The demand for electric vehicles has increased over the last few years in lieu of the impending climate change, thus, the demand for crude oil has decreased drastically, especially in China, and the increased production of shale oil in the U.S. are collectively affecting the prices of crude oil, which is not expected to gain momentum in the coming years.
The perpetually increasing population has affected the natural ecosystem drastically and has led to an increased level of pollution across the world. Increased consumption of fossil fuels such as coal and petroleum, has caused irreparable damage to the atmosphere, and the fuel resources are expected to deplete by 2060. In the light of this problem, the biofuel came as a lifesaver and this has become a billion dollar industry at the present. Besides depletion of fossil fuels, factors such as increasing energy demand, policy mandates and climate change mitigation are some of the key factors driving the growth in the global biofuels market.
The small share of fresh water present on Earth helps in sustenance of life and livelihood and thus, it becomes immensely important to save and recycle it. Contamination of water resources has increased manifold over the past century and natural disasters are said to have risen in number because of the depletion of water resources. Although the world has come to terms with this problem and have started treating waste water, but improper waste water management can lead to air, land, surface, and groundwater pollution.
As the urban population is growing, the area for disposal of solid waste is decreasing proportionally. Moving the disposal site away from the cities, to small towns and villages, is not a pragmatic solution to the improper waste management. Solid wastes are a threat to environment as well as humankind. It leads to air, land and water pollution, including ground-water pollution. There have been epidemics in several countries due to outbreak of diseases from improper solid waste collection. Hence, solid waste management comes to the fore as the only solution to the problem of improper waste collection.
The utilization of energy has increased over time due to modernization and urbanisation of the world. This has had an inverse effect on our natural resources, forests and environment as a whole. Hence, there is a need for sustainable development for future sustenance. Efficient use of energy, thereby minimizing energy waste and energy consumption, is vital for global economic and social development. Higher energy efficiency along with better energy consumption management reduces the organisations’ operational costs and enhances its profitability.