Oil major, ExxonMobil, has warned of significant temperature rise as the world appears not to be on track to stop temperatures from rising by more than 2C by 2050.
ExxonMobil stated this on Monday in its Global Outlook, which also called for increased investments in oil and gas.
According to Exxon’s latest report, the world’s climate goals are in jeopardy as the world stares down more people, more prosperity, and more energy by 2050.
And while emissions will decline as low-carbon solutions continue to be developed, reaching net-zero emissions will prove impossible unless new emissions policies and technologies are developed, along with the establishment of market-driven mechanisms.
“The world may be different then, but the need to provide the reliable, affordable energy that drives economic prosperity and better living standards, while reducing greenhouse gas emissions, will remain just as critical as it is today,” Exxon said in its latest report as it went on to explain that energy use and economic development were inseparable and that energy poverty brings poverty.
According to Exxon, all energy types will be needed in order to raise living standards and reduce emissions. Exxon’s Global Outlook projects that the biggest change in the energy mix between now and 2050 will be significant increases in wind and solar power, while reducing coal power.
“Energy from solar and wind is projected to more than quintuple, from 2 per cent of the world’s supply to 11 per cent.
Coal will increasingly be displaced by lower-emission sources of electricity production – not just renewables but also natural gas, which has about half the carbon intensity of coal. Overall, electricity use grows 80 per cent by 2050,” the Global Outlook reads.
Still, it said, oil and gas will continue to make up more than half of the world’s energy supply, even by 2050, adding that, oil and natural gas are projected to remain a critical component of a global energy system through 2050, with sustained investments essential to offset depletion as production naturally declines by 5-7 per cent per year.