Fossil fuels will continue to lead energy mix amid slow EV growth and clean energy challenges: McKinsey
fossil fuels will continue to play a major role in meeting global energy needs, accounting for 40 to 60 per cent of global energy supply by 2050 due to the slower-than-expected adoption of electric vehicles (EVs) and challenges in scaling clean energy technologies, according to McKinsey report.
Gas will continue to be an important energy source, providing stability to power grids as renewables, which are often intermittent, become more prevalent, the report
Though fossil fuel consumption is expected to plateau between 2025 and 2035, investments in this sector are likely to continue in order to ensure energy reliability during the global transition to cleaner sources.
Global energy demand is projected to grow significantly, increasing by as much as 18 per cent by 2050, with emerging economies playing a key role in driving this growth.
Factors such as population expansion, rising GDP, and the relocation of industries to countries like those in the ASEAN region, India, and the Middle East are boosting energy consumption in these regions.
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