The energy transition is shifting up the agenda, moving from previously being considered important to now becoming something urgent; a source of great risk, but also of opportunity. Technology can deliver the future we desire – including meeting the 1.5°C warming ambition set out in the Paris Agreement. The critical questions are how and when that technology is to be applied, and the strength of decarbonisation policies.
The DNV GL Energy Transition Outlook 2019 predicts a rapid transition: by mid-century, the energy mix will be split almost equally between fossil and non-fossil sources. While it predicts a staggering growth in electrification, with wind and solar sources providing most of that electricity by 2050, the future that forecasted will not bring us in line with the ambitions of the Paris Agreement. Global emissions from energy use will peak only in 2025 and will still be far from net-zero by 2050.
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