Energy demand to peak by the 2050s, analysts report
Investment research firm Sanford C. Bernstein & Co has predicted a peak in the surge of global energy demand by 2050.
During the last century, the world has seen global energy demand grow at a rapid pace. It’s thought that energy demand will ultimately outweigh storage by a substantial amount over the next 20 years at least.
According to a new analysis, demand will peak in the 2050s and slowly begin to decrease in the second half of this century. This will be due to energy consumption per unit of gross domestic product declining. Bernstein’s analysts revealed the company’s findings today in a note published online.
“This will be a seminal moment in mankind’s history,” the analysts said. “While picking long term winners in the future of energy never straight forward, it is easy to see who will lose out. There is no place for high cost, high carbon energy producers in the world to come.”
The assumable causes of this change in the market is nothing other than the energy generators themselves. Coal consumption is expected to peak around 2020, followed closely by oil doing the same in the 2030s, leaving enough room (over 10 years) for these changes to take effect by 2050.
In terms of renewables, unfortunately this transition will take a great deal longer, most probably decades. However, the pressure on governments to combat climate change by lowering carbon dioxide emissions is sharpening.
Power demand growth is already beginning to come to a halt, but global demand will, according to the analysts, absolutely hit a peak at 2050 before it starts declining.
Looking for a new role in the energy industry?
Energy Jobline is working with the leading companies in the ‘oil and gas’, ‘renewables’, ‘power and nuclear’ and ‘engineering’ sectors.
Click here to browse our latest jobs.