Fossil fuels to supply up to 55% of energy by 2050

This will be driven by energy needs in transport, heavy industry, data centres and buildings.

Fossil fuels are projected to account for 41% to 55% of global energy consumption by 2050, according to the 2025 Global Energy Perspective of McKinsey.

The report outlines three long-term scenarios named Slow Evolution, Continued Momentum and Sustainable Transformation. It assesses their implications for energy supply, demand and emissions through the mid-century.

The report states that all three scenarios point to long-term warming between 1.9°C and 2.7°C by 2100, which is insufficient to keep global warming within 1.5°C.

Electricity demand could more than double by 2050 as transport, heavy industry, data centres and buildings electrify.

Natural gas is positioned as a long-term backbone of the global energy system. Coal and oil are expected to decline but continue supplying demand in heavy industry, aviation and petrochemicals.

Global energy demand is expected to rise, driven largely by emerging economies. Asia is forecast to contribute a disproportionate share of new demand as population growth, rising affluence and industrialisation accelerate consumption.