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Global energy demand soars despite non-fossil fuel growth: EIA Report

2023-10-17

The US Energy Information Administration (EIA) reported that global energy consumption is anticipated to rise significantly until 2050, surpassing improvements in energy efficiency. Factors contributing to this surge include global population growth, heightened regional manufacturing, and elevated living standards, all of which are expected to escalate energy demand. The EIA outlined various scenarios indicating a rise in global carbon dioxide emissions from energy sources by 2050.

Although non-fossil fuel-based resources such as nuclear and renewables are projected to contribute more energy until 2050, their growth might not be adequate to curb global energy-related CO2 emissions within existing legal and regulatory frameworks, as per the EIA. The EIA predicts a substantial increase in global electric-power generating capacity, ranging from 50% to 100%, and electricity generation, ranging from 30% to 76%, by 2050. The majority of this growth is expected to come from zero-carbon technologies.

Renewables and nuclear energy could collectively generate up to two-thirds of global electricity by 2050, according to the EIA. Additionally, battery storage capacity is slated to experience significant growth, expanding from less than 1% of global power capacity in 2022 to a range of 4% to 9% by 2050.

In response to growing demand, the Middle East and North America are anticipated to increase natural gas production and exports, while Western Europe and Asia will continue to rely on natural gas imports.

Source: Business Standard