DNV GL has announced the publication of its new Energy Transition Outlook, forecasting global energy demand and supply through to 2050.
The company says that in the past months hundreds of energy experts have worked on its fact-based suite of reports with a lot of trustworthy information to help industry players develop their energy strategies. The outlooks finds that the world will reach a plateau of final energy demand around 2030, driven by greater efficiency and the rapid decarbonisation of the energy supply, with renewables set to make up almost half of the energy mix by 2050. By mid-century the share of electricity supply rises to 40 percent compared with 18 percent today and 85 percent of global electricity production expected to come from renewable sources.
The outlook’s main report charts the world’s energy future to 2050 and provides forecasts for the energy transition in 10 world regions, whilst the companion reports discuss the implications for separate industries including renewables, power, and energy use and oil and gas. The implications are intended to be relevant for investors, owners, operators, suppliers, consumers, regulators and policymakers.
The Renewables, Power, and Energy Use report, finds that a cleaner, more electrified world by 2050 is within reach, although the world is still not on track to meet the ambitions of the Paris Agreement to limit global warming to ‘well below 2°C’. The outlook therefore calls upon the energy sector, and all relevant industries and stakeholders, to take responsibility and act now to ensure that the transition will be rapid and global. The Renewables, Power, and Energy Use report provides insights to help adapt strategies and make evidence-based decisions to transform energy systems and improve prospects for industry and society.