Although global energy consumption has increased 300% since 1965, the energy mix has barely budged, with the share of fossil fuels falling to just 82% from 93%. However, as economies of scale kick in and governments mobilise to try to meet climate commitments, renewable energy consumption is about to take off. What will that mean for oil, natural gas and coal markets? Will the transition to renewables be fast enough to reach net zero by 2050?
Economists from our Commodities and Climate teams hosted this special briefing to introduce our long-term energy forecasts, discussed the big questions around how the energy mix is set for rapid change and more.
During this 20-minute session, the team addressed key issues around our new forecasts, including:
- What growing renewable energy consumption will mean for fossil fuel consumption and prices;
- How our long-term energy forecasts factor into our carbon emission forecasts;
- The biggest uncertainties surrounding our energy and carbon emission forecasts.