Global Energy Demand To Flatten After 2035
DNV GL Predicts Global Energy Demand To Peak In 2035
Joshua S. Hill, September 13, 2018 (Clean Technica)
“…[G]lobal spending on energy — as a proportion of economic output — will slow dramatically as the world’s energy demand peaks in 2035 and slows thereafter, while GDP will continue to increase…[T]he world will be spending 44% less on energy by 2050 as a percentage of GDP due in large part to the rapid electrification of the energy mix due to the increase in renewable energy technologies, and the inherent increase in efficiency that stems from these new technologies [according to the annual Outlook from DNV GL. As] renewables increase their share of the energy mix and investment in energy declines, fossil fuel spending will drop by around a third through 2050.
All these factors will result in oil peaking in 2023 and natural gas becoming the largest single source of energy generation from 2026 accounting for 25% of supply by 2050 — coal, according to DNV GL, has already peaked…[B]y mid-century, fossil fuels and renewable energies will equally share the energy supply, with fossil fuels falling from its current level of 80%...These trends will naturally impact energy investment…[It] will fall to 3.1% of global GDP, down from its current level of 5.5% of global GDP. Spending on fossil fuel will fall by around a third to $2.1 trillion. Renewable energy, however, will see investment levels triple its current levels to $2.4 trillion, while grid expenditure will increase to $1.5 trillion…” click here for more