The report also presents a regional forecast of the energy transition until 2050 and hints on an era of abundant and cleaner energy in the world, the Solar Council website reports.
Some of the major findings of the report regarding the trending energy systems include the following:
- By 2050, electricity consumption will increase by 140 percent. Coal and oil will show slight increases in consumption.
- Approximately 85 percent of electricity production worldwide will come from renewable sources by 2050. A third of the world’s electricity will be provided by solar PV followed by onshore wind, hydropower, and offshore wind.
However, the report also mentions that Australia is not currently showing a positive future when it comes to meeting the climate objectives of the Paris agreement.
The CEO at DNV GL – Energy, Ditlev Engel, stated, “Our report shows that the energy industry, more than any other, has the power and knowledge to manage the world’s carbon budget in a smarter way.”
He further added, “Until 2050, the electricity share of energy demand will grow from 18 percent to 40 percent yet this transformation is not happening fast enough. Speeding up the acceleration of electrifying sectors like heat and transport will be one vital measure to put the brakes on global warming.”
Furthermore, Engel said that the climate challenge is a governance challenge and has asked all stakeholders to utilise the electrification of their operations.
The report also presented various probable actions which can be achieved locally and globally. Some of these include the following: