• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022 January 31, 2023
Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB January 31, 2023
Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty January 31, 2023
Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds January 31, 2023
Danske Bank Quits New Fossil Fuel Financing January 23, 2023
Next
Prev

Global Oil Investment Set to Tumble as Demand Peaks in 2022, Renewable Energy Surges

September 12, 2019
Reading time: 2 minutes

Qyd/Wikimedia Commons

Qyd/Wikimedia Commons

14
SHARES
 

A new study is predicting that global oil demand will peak in 2022, hit a plateau until 2030, then decline sharply, in what the Reuters news agency is calling “one of the most aggressive forecasts yet for peak oil”.

The assessment shows natural gas demand exceeding oil in 2026, then plateauing in 2033. “Meanwhile, electricity’s share of the total energy mix is predicted to double by mid-century to 40% of today’s levels, with solar and wind generation accounting for two thirds of electricity output,” Reuters reports.

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
New!
Subscribe

“Most oil companies expect demand to peak between the late 2020s and the 2040s,” the news agency notes. “The International Energy Agency (IEA), which advises Western economies on energy policy, does not expect a peak before 2040, with rising petrochemicals and aviation demand more than offsetting declining oil demand for road transportation.”

But the latest annual report from DNV GL, a Norwegian firm that advises both fossil and renewable energy companies in more than 100 countries, “would appear to be at odds with ongoing investment in developing new oil and gas fields,” writes reporter Nerijus Adomaitis.

“The main reason for forecasting peak oil demand in the early 2020s is our strong belief in the uptake of electric vehicles, as well as a less bullish belief in the growth of petrochemicals,” said Sverre Alvik, head of the company’s energy transition outlook team.

“DNG GL expects electric vehicles to reach 50% of global new car sales in 2032, compared with last year’s forecast of the mid-2030s,” Reuters writes. “By the middle of the century 73% of the global passenger car fleet will be electric-powered, up from 2.5% today, the company estimates.”

The analysts also project a shift in investment from fossils to clean electricity, with annual spending on power grids more than doubling to US$1.7 trillion, while fossil exploration and development drops from 68 to 38% of total energy expenditures.



in Air & Marine, Auto & Alternative Vehicles, Community Climate Finance, Ending Emissions, Energy / Carbon Pricing & Economics, International Agencies & Studies, Oil & Gas, Petrochemicals & Plastics

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Mike Mozart/Flickr
Ending Emissions

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

February 4, 2023
331
Gina Dittmer/PublicDomainPictures
Canada

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
196
CONFENIAE
Ending Emissions

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
61

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Mike Mozart/Flickr

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

February 4, 2023
331
United Nations

Salvage of $20B ‘Floating Time Bomb’ Delayed by Rising Cost of Oil Tankers

January 27, 2023
123
openthegovernment.org

BREAKING: U.S. Senate Passes Historic $369B Climate Package

August 8, 2022
541
Sam Balto/YouTube

Elementary School’s Bike Bus Brings ‘Sheer Joy’ to Portland Neighbourhood

February 5, 2023
262
Kenuoene/pixabay

$50B Opportunity Means ‘Go Time’ for Canadian Renewables: CanREA CEO

December 19, 2022
574
EcoAnalytics

Albertans Want a Just Transition, Despite Premier’s Grumbling

January 23, 2023
326

Recent Posts

Gina Dittmer/PublicDomainPictures

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
196
CONFENIAE

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
61
Ken Teegardin www.SeniorLiving.Org/flickr

Virtual Power Plants Hit an ‘Inflection Point’

January 31, 2023
125
/snappy goat

Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds

January 31, 2023
94
Victorgrigas/wikimedia commons

World Bank Climate Reforms Too ‘Timid and Slow,’ Critics Warn

January 31, 2023
42
Doc Searls/Twitter

Guilbeault Could Intervene on Ontario Greenbelt Development

January 31, 2023
132
Next Post
Deepwater Horizon spill, 2010/Wikipedia

Weathered Crude from Deepwater Horizon Disaster Could Take Decades to Biodegrade

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}