Peak oil may be three years away, reports McKinsey & Co.
T
he energy transition continues to gain steam, with oil demand projected to peak in this decade, perhaps as soon as 2025, according to new research by McKinsey & Co. This year’s ‘Global Energy Perspective’ launched when global energy markets were facing an unprecedented array of uncertainties, including the conflict in Ukraine. Nonetheless, the long-term transition to low-carbon energy systems continues to see strong momentum and, in several respects, acceleration. Key findings of this year’s report include: the global energy mix is projected to shift towards low-carbon solutions, with a particularly strong role for power, hydrogen and synfuels; renewables are projected to grow 3x by 2050; hydrogen demand is expected to grow 4 – 6x by 2050, driven primarily by road transport, maritime, and aviation; and hydrogen and hydrogen-derived synfuels are expected to account for 10% of global energy consumption by 2050.
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