ExxonMobil has released its Global Outlook 2050, projecting significant growth in solar and wind energy but reaffirming the continued dominance of oil and natural gas in the global energy mix. As the world population rises from 8 billion today to nearly 10 billion by 2050, demand for energy is expected to increase by 15 percent, driven largely by developing economies.
The report emphasizes that electricity consumption will grow across all sectors, with generation from solar and wind showing the fastest expansion. The report said solar and wind are expected to increase their share in the energy mix by more than four times by 2050, contributing to a significant reduction in coal use and carbon emissions.
Renewables will dominate the future of electricity generation, but natural gas will continue to play a critical role, maintaining a 20 percent share of the electricity market. Oil demand, driven by commercial transportation and industrial feedstocks, will plateau after 2030 but remain above 100 million barrels per day through 2050.
Despite the rise of renewables, ExxonMobil’s outlook underscores that oil and natural gas will still provide more than 50 percent of the world’s energy needs in 2050. However, carbon emissions are expected to peak in 2030 and gradually decline, thanks to increased energy efficiency, the adoption of lower-emission technologies, and the growth of solar and wind.
The Outlook highlights that the transition to a low-carbon future will require a balanced energy mix, where renewables play a growing role but oil and gas remain indispensable for industries, transportation, and developing economies.