WoodMac: Fossil fuels to contribute 85% of primary energy supply by 2040

Edinburgh, August 6 - Neftegaz.RU. UK-based consultancy firm, Wood Mackenzie, in its recent report said that coal, gas and oil will contribute about 85% of primary energy supply by 2040. The report ‘Energy Transition Outlook’ added that global energy demand would increase from 13 billion tonnes of oil equivalent (toe) in 2018 to 16 billion toe in 2040.

Wood Mackenzie predicted challenges ahead for the world community claiming that the world will miss out on achieving the sustainability goals, without stronger and effective actions. “The world is presently on a 3 degree Celsius – not 2 degree Celsius – warming trajectory,” it added.

David Brown, Head - markets and transitions, WoodMac, said, “To reach the 2 degree Celsius goal, zero-carbon energy needs to account for 40 % of the total energy mix by 2040, unlike just 15% estimated in the report.”

Brown added that in some markets the policy was becoming more supportive but by and large, energy-dense markets have made little progress and each sector of the global economy has its own set of decarbonisation challenges to deal with.

The report suggested that carbon pricing, investments in carbon capture and storage, and renewables-based hydrogen technologies could be crucial steps towards a ‘2 degree celsius pathway’.