A strengthened focus on energy security amidst persistent price spikes and continued volatility is reinforcing the difference in decarbonisation speed between Europe and the rest of the world, say the authors of DNV’s latest report, but non-fossil energy is set to make up more than 50% of the global energy mix by 2050.
As the current energy climate creates the conditions for an accelerated shift towards renewable energy, Europe’s deployment of wind and solar energy is outpacing most other regions in the world, causing a ‘two-speed’ transition, according to the sixth edition of DNV’s Energy Transition Outlook (ETO).
By doubling down on renewables and energy efficiency, the report states that Europe will aim to increase its energy independence from oil, gas and coal, coupled with a dramatic reduction in European gas consumption as a result of the war in Ukraine.
For the first time, the forecast sees non-fossil energy nudge slightly above 50% of the global energy mix by 2050 due to a respective 20-fold and 10-fold growth in solar PV (38% share of total output) and wind-generated electricity (31% share of total output).
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