• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 46 mins How Far Have We Really Gotten With Alternative Energy
  • 3 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 16 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
AI, Bitcoin And Clean Energy Boom Are Straining U.S. Power Supply

AI, Bitcoin And Clean Energy Boom Are Straining U.S. Power Supply

Industry insiders have started acknowledging…

Water Diplomacy Takes Center Stage in Turkmen-Afghan Talks

Water Diplomacy Takes Center Stage in Turkmen-Afghan Talks

Turkmenistan is urging a practical,…

Global Energy Demand To Decline Through 2050

Global energy demand may well have peaked last year, and the same may be true for carbon dioxide emissions, Norwegian energy consultancy DNV GL said in a new report.

According to the consultancy, over the next three decades, the world’s energy demand will actually decline, and in 2050 demand will be on a level with what it was in 2018. The reasons for this would be the lasting effect of the coronavirus pandemic and significant improvements in energy intensity, the report’s authors, Sverre Alvik and Mark Irvine, wrote.

“The lingering effects of the pandemic will take the wind out of the sails of the world economy for many years – reducing World GDP in 2050 by 9%, relative to pre-pandemic forecasts,” the consultants said. “Even with slower growth, however, by mid-century the world economy will still be twice its size today. In contrast, energy demand will not grow.”

The effects of these trends on oil will be negative as a whole, with natural gas taking over from it as the most used energy source in the next decade. What’s more, investors may start paying even more attention to renewables, thanks to their low operating costs and fast turnaround times. As a result, DNV GL said, spending on renewables will recover more quickly than spending on oil and gas.

As regards emissions, the good news is that they probably peaked last year. The bad news is that further declines in emissions will not be large enough to be in line with the Paris Agreement goals.

“Even with peak emissions behind us, and flat energy demand through to 2050, the energy transition we forecast is still nowhere near fast enough to deliver the Paris ambition of keep global warming well below 2°C above pre-industrial levels,” Alvik and Irvine wrote. “To reach 1.5-degree target, we would need to repeat the decline we’re experiencing in 2020 every year from now on.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Bob Forbes on July 04 2020 said:
    With India & China consuming oil almost as fast as we can supply it to them, there will be no decline in demand. In fact we are looking at a supply shortage by next year with a very high oil price. No matter what anyone says, there are very strong underlying fundamentals indicating a medium term pricing between $80-100, the long term price points towards $150-190. Therefore I consider this article to be somewhat inaccurate and misleading.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News