Skip to main content

The energy transition continues, with the share of renewables in global power generation expected to double in the next 15 years while total fossil fuel demand is projected to peak before 2030, according to McKinsey.

This year’s Global Energy Perspective report projects a rapid shift in the global energy mix, depending on the scenario.

Global electric vehicle uptake will see global oil demand peak in the next three to five years, the report has projected. 

However, even with current government commitments and forecasted technology trends, global warming is projected to exceed 1.7°C by 2100, and reaching a 1.5°C pathway is increasingly challenging, the report highlighted.

Christer Tryggestad, a senior partner at McKinsey, said: “In the past few years, we have certainly seen the energy transition pick up pace.

“However, even if all countries with net zero commitments deliver on their aspirations, global warming is still expected to reach 1.7°C. To keep the 1.5°C pathway in sight, even more ambitious acceleration is needed.”

[Staff Report]

More: Global renewables to ‘double within 15 years’

Join our newsletter

Keep up to date with all the latest from IEEFA