With countries having to deal with an energy crunch that is getting worse as the war in Ukraine continues, analysts have predicted that peak oil might be three years away.
A new report from consultancy McKinsey & Company suggests total fossil fuel demand is projected to peak before 2030 as the share of renewables in global power generation is expected to double in the next 15 years.
The authors of the report forecast that renewables will account for 50% of the power mix by 2030 and 85% by 2050.
The findings of the research also show that power consumption is expected to triple by 2050 as electrification and living standards grow.
“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 insight, even more ambitious acceleration is needed,” Christer Tryggestad, a Senior Partner at McKinsey said.
Last week, research from the University of Melbourne in Australia suggested that the world had a 6-10% chance of staying under the key threshold of 1.5°C.
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