The planet is likely to warm by 2.5˚C, failing to achieve the targets outlined in the Paris Agreement.

That’s according to DNV GL, which says this is despite energy demand plateauing by 2030 as a result of efficiency improvements and reduced fossil fuel generation.

It expects renewable energy sources to make up nearly half of global supply by 2050, slashing energy-related emissions.

However, gas will still be the biggest single source of power at this time.

The report makes the gloomy prediction even though it suggests the world will go fully green between 2035 and 2040, without increasing overall annual energy expenditure.

It predicts at this time the world’s energy will cost less than 3% of global GDP, compared to the current level of 5%.

Remi Eriksen, CEO of DNV GL, said: “Even with energy demand flattening and emissions halving, our model still points to a significant overshoot of the 2°C carbon budget.

“This should be a wake-up call to governments and decision-makers within the energy industry.”