ExxonMobil released its Global Outlook 2050, which projects oil and gas will continue to take up a majority of energy demand.
Exxon projects that energy demand will rise in 2025 from 600 quadrillion British thermal units (BTU) to 664 quadrillion BTUs. The company expects Africa and the Asia Pacific regions, notably India and China, to account most for the increases in demand, while Europe and North America are expected to decrease.
In this scenario, the energy demand from oil is expected to remain virtually stagnant over the period, though its share will decrease from 31.2% to 28.3%. Demand for gas is expected to increase by 16%, with its share of total energy demand moving from 24.7% to 25.9%. Together, oil and gas are expected to take up 54.2% of energy demand in 2050, down from 55.7% in 2025.
For every dollar invested in fossil fuels, 1.7 dollars going to clean energy – IEA Chief | OilNOW
It is coal that is expected to see a major cut, with the world needing 36.9% less energy from it in 2050, compared with the projection for 25 years earlier. Coal is projected to see its share of energy demand decrease from 23.5% in 2025, to 13.4% in 2050.
Renewable energy sources considered in the forecast include biomass/waste, hydro, geothermal, biofuels, wind and solar. Most are expected to see modest increases in demand. Altogether, Exxon expects them to move from a 15.7% share of demand in 2025 to 25.9% in 2050. Demand for wind and solar energy, the standouts, are expected to almost quadruple in the period 2025-2050.
With demand for energy expected to increase, Exxon said continued efficiency improvements and lower-emission solutions are critical to reducing emissions in the face of a growing population.
“The Global Outlook projects continued energy efficiency gains and a sustained improvement of CO2 intensity with more lower-emissions solutions such as solar, wind, nuclear, coal-to-gas switching, carbon capture and storage,” Exxon stated.
Guyana advances clean energy electrification in hinterland communities | OilNOW
The company expects to see a fall in carbon emissions for the first time in 2020, even with expansion in economic activity. It said this will be driven by greater energy efficiency, increased renewables and lower emissions technologies.
ExxonMobil is a multinational oil and gas corporation with operations in virtually every continent. It has major operations in countries like the United States, Guyana, and Canada.
