Prospects for Future Competition Between Renewable Energy Sources and Fossil Fuels in the Global Energy Markets Basra University of Oil and Gas

Abstract

The global energy system is witnessing the beginnings of a transitional phase, from a state of total dependence on fossil fuel sources to a new era in which other energy sources play an important role in compensating for the continuous increase in energy demand, despite the fact that alternative sources of fossil fuels face a major challenge represented in the abundance of Fossil fuels. Lower costs. Ease of production and use, but this abundance may fade as a result of continuous intensive use and costs increase with decreasing reserves, and according to theories of depletion, this matter is soon due to the increasing use of fossil fuels, and for this reason and other reasons. This led to the rush of many industrialized countries to search for alternative energy sources that meet their needs. And to ensure the provision of energy in the future, especially after the emergence of the theory of depletion of fossil fuel resources represented in coal, gas and oil, and the guarantee of industrialized countries. The possibility of achieving the economic, political and environmental goals that you plan to reach in the future. Despite the variety and multiplicity of alternative or renewable energy sources and their spread in different regions of the world, the process of exploiting them on a large scale faces many obstacles, including technological and economic limitations, and although technological progress has overcome many obstacles in the field of energy renewable, but economic hurdles remain. One of the most important economic obstacles is the issue of high costs, which determined the tendency of countries to choose alternative energy sources. It is worth noting that the development of the use of alternative sources will directly affect the countries that produce fossil energy sources, especially in the economic aspect, as most of those oil countries depend on the revenues achieved from the sale of oil, gas and coal. Especially after the increasing calls for reducing environmental polluting emissions resulting from fossil fuels and their environmental damage. The research discusses in a focused and accurate manner the expected future competition in the global energy markets between fossil fuels and other renewable sources, which are less harmful to the environment and are inexhaustible, being renewable.