Exxon forecasts global gas demand to grow by 20% by 2050

The company expects electricity demand to grow by 70% over 25 years

Global demand for natural gas will grow by more than 20% by 2050 compared to 2024 levels. These figures were published in the annual forecast released at the end of August by the American company Exxon Mobil.

The company’s review notes that gas is replacing coal in the energy industry and meeting the increased demand for electricity in developing countries.

According to Exxon’s forecast, in 25 years, oil and natural gas will account for 55% of the global energy balance, while the share of solar and wind energy will grow to more than 11% during this period.

The company expects electricity demand to increase by 70% over a quarter of a century. This will be driven by population growth and rising living standards in developing countries. All types of energy will be needed to meet this demand.

Exxon’s director of economics, energy, and strategic planning, Chris Burdwell, said at a briefing that the industrial sector will drive growth in demand for gas as it replaces coal.

Exxon expects global carbon dioxide emissions to fall to 27 billion tons by 2050, which is about 25% less than in 2024. Commercial transport and industrial activities will account for 50% of emissions by that date (compared to 40% currently). To decarbonize these sectors, the world will have to implement technologies such as biofuels, CCS, and hydrogen.

According to the Ember energy analytics center, renewable energy sources accounted for a record 32% of global electricity generation last year. Combined with an increase in nuclear energy production, the share of clean electricity rose to 40.9% from 39.4% in 2023.