• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 6 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 3 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 1 hour Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 1 day Trump Hands Putin Major Geopolitical Victory
  • 5 hours America Could Go Fully Electric Right Now
  • 1 day Those Nasty White People and Camping Racism
  • 3 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 1 hour Buying votes is cool now.
  • 16 hours .
  • 12 hours The Truth about Chinese and Indian Engineering
  • 14 hours Brent above $45. Holding breath for $50??
  • 21 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 15 hours The World is Facing a Solar Panel Waste Problem
  • 2 days Oil Tanker Runs Aground in Mauritius - Oil Spill
President Trump Unveils “Historic” Israel-UAE Peace Plan

President Trump Unveils “Historic” Israel-UAE Peace Plan

President Trump just announced a "historic"…

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

Oilprice - The No. 1 Source for Oil & Energy News