Global Market Data Shows New Energy Rising, Old Energy Dropping

Global renewables to ‘double within 15 years’ – Peak oil could be as soon as 2025, finds McKinsey’s latest Global Energy Perspective report

26 April 2022 (RENews)

“[The share of renewables in global power generation is] expected to double in the next 15 years while total fossil fuel demand is projected to peak before 2030…[The 2022 McKinsey Global Energy Perspective] projects a rapid shift in the global energy mix…Global electric vehicle uptake will see global oil demand peak in the next three to five years…[But] with current government commitments and forecasted technology trends, global warming is projected to exceed 1.7°C by 2100, and reaching a 1.5°C pathway is increasingly challenging…

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…[Under the report’s middle scenario assumptions, oil demand could] peak in the next three to five years, primarily driven by electric-vehicle adoption…[The global energy mix is projected to shift towards low-carbon solutions, with a particularly strong role for power, hydrogen and synfuels…[R]enewables are projected to grow three-fold by 2050, accounting for 50% of power generation globally already by 2030 and 80-90% by 2050…

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…[H]ydrogen demand is expected to grow four-to-six-fold by 2050, driven primarily by road transport, maritime, and aviation, with hydrogen and derivative synfuels expected to account for 10% of global final energy consumption by 2050… 61% of new renewable capacity installation is already priced lower than fossil fuel alternatives and…battery costs have also fallen by nearly half in the past four years…By 2050, [carbon capture utilization and storage (CCUS)] could grow more than 100-fold from an almost non-existent footprint today, with investment opportunities exceeding LNG markets today…” click here for more

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