Renewables will account for half of global energy by 2050

A massive increase in renewable energy and the emergence of gas as the world’s dominant fuel source will lead to a halving of global energy-related CO2 emissions by mid-century, according to risk assurer DNV G.

The firm’s first ever Energy Transition Outlook, suggests gas demand will overtake oil as the single biggest source of energy by the mid-2030s.

Meanwhile, Reuters reports on DNV G’s predictions that the by 2035 half of all passenger vehicles sold globally will be electric.

A key trigger for this will be the cost of electric vehicles will falling to match those running on combustion engines by 2022, the energy consultancy said.

But even alongside booming renewable energy production, this will not be enough to meet the Paris Agreement goal of limiting climate warming, Ditlev Engel, chief executive of DNV GL’s energy consulting business, told Reuters in an interview.

DNV L instead says the planet is likely to warm by 2.5C, failing to achieve the targets outlined in the Paris Agreement