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Energy transition not fast enough DNV warns Norway-based consultancy DNV has said that fossil fuels will still constitute 50 per cent of the global energy mix by 2050, compared to 80 per cent held for decades, warning that the energy transition is not fast enough for the world to achieve the net-zero target by 2050.
Remi Eriksen, Group President and CEO of DNV
DNV also warned in its latest energy transition report that even if all electricity was ‘green’ from this day forward, the world will still fall a long way short of achieving the 2050 net-zero emissions target of the COP21 Paris Agreement. The agreement was intended to keep global warming to “well below 2°C” and strive to limit its increase to 1.5°C. DNV’s fifth Energy Transition Outlook, launched two months before COP26 takes place in Glasgow, highlights the global pandemic as a “lost opportuni-
ty” for speeding up the energy transition, as Covid-19 recovery packages have largely focused on protecting rather than transforming existing industries.
DNV also said that electrification of final energy demand will grow from 19 per cent to a 38 per cent share by 2050, powered mainly by solar and wind.
According to DNV, electrification is on course to double in size within a generation and renewables are already the most competitive source of new power, however, DNV’s forecast shows global emissions will reduce only 9 per cent by 2030, with the 1.5˚C carbon budget agreed by global economies emptied by then.
DNV has been consistent in forecasting a rapid transition to a decarbonized energy system by mid-century. As rapid as that transition is, DNV’s forecast is that despite every effort being made, it remains definitively not fast enough for the world to achieve the ambitions of the Paris Agreement and warns the planet will most likely reach global
