Renewable energy sources will provide 85% of global electricity production in 2050, led by solar PV and onshore wind, according to a new report published this month.
Electricity consumption will be the largest energy carrier in 2050, increasing by 140% over the next 30 years, followed by natural gas, while other energy carriers such as coal and oil will experience significant reductions, or only slight increases in consumption over the same period. Meanwhile, over the same period, renewable energy sources will rise to become the leading source of global electricity production, accounting for 85%. Solar PV will account for around a third of the world’s electricity, followed by onshore wind, hydropower, and offshore wind (in that order).
These are the key findings from the Energy Transition Outlook (ETO): Renewables, Power and Energy Use report, the first report in a new suite of Energy Transition Outlook publications by global quality assurance and risk management company, DNV GL. Unfortunately, the report also concludes that humanity will exhaust the 2°C carbon budget — the amount of CO2 that can be emitted without triggering dangerous levels of climate change — by 2041, which leads DNV GL to predict that global warming will reach 2.5°C above pre-industrial levels.
“Our report shows that the energy industry, more than any other, has the power and knowledge to manage the world’s carbon budget in a smarter way,” said Ditlev Engel, CEO at DNV GL – Energy.