McKinsey’s Global Energy Report

McKinsey’s Global Energy Perspective April 2022 offers a detailed demand outlook across key dimensions

Here are some key points in this exhaustive analysis of global energy trends.…

  1. The global energy mix is projected to shift rapidly towards power and hydrogen. Share of electricity and hydrogen in final consumption may grow to 32% by 2035, and 50% by 2050

  1. Renewables are expected to become the new baseload, accounting for 50% of the power mix by 2030 and 85% by 2050

  1. Oil demand could peak in the next two to five years. Historically, oil demand was growing by 1—2
    MMb/d, half of which was through growth in road transport. While oil demand continues to recover
    post-COVID-19 in 2022 and 2023, the trends are projected to change from 2024 onwards.

The primary driver for reduced oil demand for road transport is the continued uptake of EVs:
• Global EV sales grew 62% per annum on average in the last four years and by 96% in 2021 alone. EV sales in absolute terms increased from 2.3 million in 2019 to 6.6 million in 2021
• EV sales in Europe accounted for more than 20% of total car sales in 2021; US EV sales only
accounted for 5%, but doubled year on year

Alongside this, the use of oil in power and heat is decreasing. In the buildings sector, a ban on new
domestic oil heaters continues the decline in line with historical trends.

Much more good information in this report WRT all aspects of energy.