Petroleum dependence in developing countries with an emphasis on Nepal and potential keys

Abstract

The use of petroleum as a leading source across the globe accounts for overall energy demand. However, despite what may appear to be a declining contribution of petroleum to the world's energy supply, overall consumption of petroleum has, excluding oscillations attributable to a select number of happenings throughout the globe, been steadily rising until the present day. It is one of the many issues that is pressuring the globe to restrict the use of petroleum and move towards the use of renewable and clean energy resources. Although several initiatives are presently being carried out to find alternatives to petroleum, it is of the utmost importance for Nepal to be ready with distinct long-term and short-term strategies according to its circumstances as soon as feasible. When discussing the possibility of replacing the use of petroleum with that of alternative resources, it is necessary to discuss these possibilities in relation to certain countries because the possibilities for displacement vary from country to country. In this article, a comparative analysis of the usage, importance, and displacement of petroleum in Nepal is discussed. In addition, a full evaluation of the energy situation in Nepal has been presented, along with a discussion of the potential solutions that may be put into place in order to solve the issues that have surfaced. This paper discusses seven factors that motivate Nepal to displace petroleum and eight potential actions that can be taken to accomplish that goal. The main goal of this article is to look at the many ways Nepal could lessen its reliance on petroleum and move closer to finding good alternatives.