Renewables and fossil fuels will have a near equal share of the global energy mix by mid-century, as wind and solar power's expansion reaches 14% and 13% of total supply, cutting energy-related CO2 emissions in half, according to DNV GL's inaugural Energy Transition Outlook (ETO).
Despite the continuing rise of renewables, the ETO forecasts gas to be on course to surpass oil in 2034 as the single biggest energy source, as crude demand flattens through to 2028 and then falls “significantly” as the take-up of electric vehicles (EVs) gains momentum.
