Gas and variable renewables will be the only energy sources for which demand is higher in 2050 than today, but they must work together alongside greater uptake of carbon capture and storage (CCS) to secure a rapid energy transition.
That’s according to the DNV GL’s 2019 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050, that predicts that gas will account for nearly 30% of the global energy supply, providing the world with a base of secure and affordable energy, and with manufacturing feedstock by 2050.
The Energy Transition Outlook highlights that CCS will not be deployed at scale until the 2040s unless the government develop and enact more definitive polices on its use, according to the Energy Transition Outlook.
The DNV GL’s outlook suggests a combination of energy sources – primarily gas and renewables – will be the quickest route to delivering a supply of affordable, decarbonised energy in the lead-up to mid-century.
“All major routes to successfully decarbonising gas rely on the large-scale uptake of CCS,” said Liv Hovem, CEO of DNV GL’s Oil & Gas business area.
“The future of CCS largely lies in the hands of policy-makers setting a higher carbon price than the cost of the technology. Industry can also play a role in stimulating quicker adoption by focusing on finding ways to reduce the cost of CCS technology.”
“Large-scale uptake of CCS technology will unlock significant opportunities for hydrocarbon and renewable energy technologies to work together to decarbonise the energy mix. The energy industry must however also shift its mindset from ‘gas vs renewables’ to ‘gas and renewables’ for success.”
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