January 2021

Special Focus: Sustainability

Hydrocarbons face toughest challenge yet

Over the next 30 yr, the globe’s energy ecosystem—where fossil fuels dominate and renewables play catch-up—will evolve exponentially, as efforts intensify to curb carbon emissions and mitigate the detrimental impact of climate change.

Ketelaars, F., DNV GL Oil and Gas

Over the next 30 yr, the globe’s energy ecosystem—where fossil fuels dominate and renewables play catch-up—will evolve exponentially, as efforts intensify to curb carbon emissions and mitigate the detrimental impact of climate change. In 2018, 81% of the world’s energy was supplied by fossil fuels. By 2050, oil and gas will account for 54% of the world’s primary energy supply, while non-fossil fuels will comprise 46%. In DNV GL’s latest energy outlook1, the company forecasts a decarbonizing world in which energy demand plateaus, renewables grow significantly, natural gas becomes the world’s largest energy source and oil demand never reaches the levels it saw in 2019. Although the study pr

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