Technology Revolutionizing Energy Mix but Policy Failing to Keep Pace – DNV GL Energy Transition Outlook Report
A technology-driven energy transition of staggering scale and speed will lead to a rapid decarbonization of the energy mix, with almost half our energy needs met by renewables by 2050, according to a new report. Plunging technology costs and market forces are driving the transition, but without bold policy intervention we will fall well short of the Paris climate goals. These are some of the findings of the third edition of the Energy Transition Outlook (ETO), which, owing to DNV GL’s independence and technical expertise, has become a respected voice in forecasting our energy future.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190910006000/en/
Technology Revolutionizing Energy Mix but Policy Failing to Keep Pace – DNV GL Energy Transition Outlook Report (Graphic: Business Wire)
The speed of the transition is demonstrated by a series of landmarks in the coming decade. Oil will peak in mid 2020s, capital expenditure (CAPEX) on grids and renewables will exceed fossil CAPEX by 2025, natural gas will overtake oil as the single largest energy source in 2026 and in 2030 the amount of energy produced will start to decline even in a world of growing GDP.
Electrification will transform how energy is produced and consumed. By midcentury, 40% of final energy demand will be met by electricity (up from 19% in 2017), 63% of which will be generated by solar PV and wind. Electrification is also having a dramatic effect on road transport and by 2032 half of new car sales globally will be electric. The intrinsic efficiency of electric engines means that despite a 75% expansion of the global vehicle fleet by 2050, road transportation will use less energy in 2050 than it does today.
“Existing technology can deliver the future we desire – including meeting the 1.5°C target set out in the Paris Agreement. So far, support for the energy transition has been too sporadic. For example, German, Japanese and Chinese support for the solar industry has been vital in transforming its energy mix and Norway’s and China’s uptake of EVs has been rapid because of government support. We need widespread policy supporting emerging technologies, and continuing the support in the build-up phase to accelerate the energy transition” said Remi Eriksen, Group President and CEO of DNV GL.
The technology exists to meet the Paris target, but policies must be put in place that promote greater energy efficiency, more renewables and industrial scale carbon capture and storage. DNV GL has proposed ten measures that could be implemented to limit global warming. These actions include; $1.5 trillion of annual investment in expanding and reinforcing energy grids, an 8-fold increase in renewable energy production by 2030 and a 50-fold increase in manufacturing of batteries for the 50 million electric vehicles needed per year, also by 2030. On the current path, CO2 emissions will peak in 2025 and will be about half the current level by mid-century, indicating a warming of 2.4 degrees by the end of the century.
Policy makers can be emboldened by the affordability of the energy transition. Global expenditure on energy is currently 3.6% of GDP but that will fall to 1.9% by 2050. This is due to a decline in spending on fossil fuels, and the rise of low-cost, efficient electrification that leads to operating savings which more than offset ongoing, substantial high CAPEX on grids. This is reflected in declining energy intensity – the amount of energy required per unit of GDP – which will improve at 2.4% per year through to 2050. Going forward, energy intensity declines faster than the global economy grows, which leads to a peak in world energy demand by 2030 – at that point humanity will start using less energy.
Download data from the ETO model
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.
Media Relations Manager
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
IWBI Announces New Co-chairs and More than 225 Members of the Task Force on COVID-19 and Other Respiratory Infections: Prevention and Preparedness, Resilience and Recovery7.4.2020 00:03:00 EEST | Press release
The International WELL Building Institute (IWBI) today announced the addition of four renowned industry, academic and public health leaders from the U.S., United Kingdom, China and Singapore as the newest co-chairs of its Task Force on COVID-19 and other Respiratory Infections: Prevention and Preparedness, Resilience and Recovery. They join expert co-chairs from the U.S. and others from China who will help define the critical role buildings, organizations and communities play in reducing the health burden from this and other infectious diseases. Adding to the expertise of the Task Force as co-chairs are Despina Katsikakis, international partner and head of occupier business performance at Cushman & Wakefield; Dr. Wang Qingqin, vice president of China Academy of Building Science (CABR); Dr. Lam Khee Poh, Provost's Chair professor of Architecture and Building and dean, School of Design And Environment, National University of Singapore, and Joanne Mahoney, chief operating officer at the S
CORRECTING and REPLACING Global Plasma Leaders Collaborate to Accelerate Development of Potential COVID-19 Hyperimmune Therapy6.4.2020 20:58:00 EEST | Press release
Please replace the release with the following corrected version due to multiple revisions to the Octapharma boilerplate and inclusion of additional multimedia. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200406005285/en/ GLOBAL PLASMA LEADERS COLLABORATE TO ACCELERATE DEVELOPMENT OF POTENTIAL COVID-19 HYPERIMMUNE THERAPY Partnership brings together world-leading plasma companies to focus on developing and delivering a hyperimmune immunoglobulin in the global fight against COVID-19 Biotest, BPL, LFB, and Octapharma have joined an alliance formed by CSL Behring (ASX:CSL/USOTC:CSLLY) and Takeda Pharmaceutical Company Limited (TOKYO:4502/NYSE:TAK) to develop a potential plasma-derived therapy for treating COVID-19. The alliance will begin immediately with the investigational development of one, unbranded anti-SARS-CoV-2 polyclonal hyperimmune immunoglobulin medicine with the potential to treat individuals with serious complic
Cognite Awarded Google Cloud Technology Partner of the Year 2019 for Manufacturing6.4.2020 19:00:00 EEST | Press release
Cognite, a global industrial DataOps and AI software-as-a-service (SaaS) company, was announced as the 2019 Google Cloud Technology Partner of the Year for Manufacturing. Cognite currently supports the full-scale digital transformation of heavy-asset industries around the world, empowering industrial companies to save on costs, reduce environmental footprints to improve sustainability and increase profits made possible through Cognite Data Fusion (CDF). This international award recognizes one Partner that has implemented multiple Google Cloud technologies to demonstrate how they work together easily to deliver solutions based on individual customer needs. “We appreciate being recognized for creating value through our software products by turning historical and real-time industrial data into insights. We have seen a number of our manufacturing clients develop and deliver new digital services and even transform their business model as a result of using Cognite Data Fusion,” said Dr. John
Verimatrix Announces Server-side Watermarking Integration with Akamai Intelligent Edge Platform6.4.2020 18:45:00 EEST | Press release
Regulatory News: Verimatrix, (Paris:VMX), formerly known as Inside Secure, a global provider of innovative, customer-friendly cybersecurity solutions that protect content, devices, software and applications, today announced a partnership with Akamai, the intelligent edge platform for securing and delivering digital experiences, to offer global enterprise server-side watermarking capabilities. By using Verimatrix server-side Watermarking pre-integrated with Akamai's Intelligent Edge Platform, Akamai customers can take advantage of a highly efficient, powerful approach to ensure that their premium video content stays protected. The unauthorized redistribution of content, especially restreaming of live sports events, leads to millions of dollars in annual lost revenue. Verimatrix Watermarking consists of session-based, user-specific tracking and source identification, which allows operators to trace sources of pirated content in real time. It is robust against various attack types, includ
Alpega TMS Brings Together the Expertise of inet and Transwide6.4.2020 17:00:00 EEST | Press release
Alpega Group announces Alpega TMS, a union of inet and Transwide’s cloud-based Transportation Management Systems. The new software provides a uniquely scalable solution, designed to manage all levels of logistics complexity. At the same time, Alpega Group has been recognized as a Challenger in Gartner’s 2020 Magic Quadrant for Transportation Management Systems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200406005391/en/ Alpega Group announces Alpega TMS, a union of inet and Transwide’s cloud-based Transportation Management Systems. The new software provides a uniquely scalable solution, designed to manage all levels of logistics complexity. At the same time, Alpega Group has been recognized as a Challenger in Gartner’s 2020 Magic Quadrant for Transportation Management Systems. (Photo: Business Wire) Alpega TMS is the combination of two of the market’s most innovative, established and trusted solutions. inet has long been
Brightcove Launches New Mobile App to Streamline Employee Communications via Video6.4.2020 16:00:00 EEST | Press release
Brightcove Inc. (NASDAQ:BCOV), the leading provider of cloud services for video, today announced Brightcove Engage™, a purpose-built application developed for internal communications professionals to inform employees using the most powerful and effective means of communication ever created: mobile video. With templates for quickly organizing content, analytics for monitoring engagement, and enterprise-grade security and stability, Brightcove Engage streamlines internal communications using the power of video. Studies have shown that employee engagement is highly related to positive business outcomes, therefore Brightcove Engage fills a significant market need by allowing employees to view content in a modern, interactive way. Merging the two most effective mediums of digital communications – video and mobile – Brightcove Engage empowers internal communications professionals to build branded mobile experiences and securely broadcast company-wide live events, like town halls, as well as
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom