Later City news
  • Baher BA

Will we still need fossil fuels in 2050?

Updated: Mar 27, 2021

Later City News: The world population will have increased by more than 2 billion people by 2050, the vast majority living in cities in the developing world but at the same time the world is facing a rapid decline in renewable energy costs, improving energy efficiency, widespread electrification, increasingly “smart” technologies, continual technological breakthroughs and well-informed policy making all drive this shift, bringing a sustainable energy future within reach.

In an era of accelerating change, the imperative to limit climate change and achieve sustainable growth is strengthening the momentum of the global energy transformation.

Adnan Amin, director of the International Renewable Energy Agency (IRENA) believes that The global economy in 2050 would be larger, with nearly 40 million jobs directly related to renewables and efficiency. Timely action would also avoid stranding over USD 11 trillion worth of energy-infrastructure assets that are tied to today’s polluting energy technologies.

On the other side Mckinsey & Company believe that Fossil fuels will dominate energy use through 2050. This is because of the massive investments that have already been made and because of the superior energy intensity and reliability of fossil fuels. The mix, however, will change. Gas will continue to grow quickly, but the global demand for coal will likely peak around 2025.

Growth in the use of oil, which is predominantly used for transport, w