• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 10 hours Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days Does Toyota Know Something That We Don’t?

Breaking News:

OPEC Lifts Production in February

Canada Oil Faces Fresh Pipeline Shortage

Canada Oil Faces Fresh Pipeline Shortage

Canadian oil production could hit…

Kyrgyzstan’s Explosive Car Market Growth Raises Eyebrows

Kyrgyzstan’s Explosive Car Market Growth Raises Eyebrows

Kyrgyzstan is seeing significant growth…

Global Warming To Exceed 2 Degrees Celsius Limit By 2050: Exxon

The world is not on track to stop temperatures from rising by more than 2C by 2050, Exxon Mobil said on Monday in its Global Outlook, which also called for increased investments in oil and gas.

According to Exxon’s latest report, the world’s climate goals are in jeopardy as the world stares down more people, more prosperity, and more energy by 2050. And while emissions will decline as a low-carbon solutions continue to be developed, reaching net-zero emissions will prove impossible unless new emissions policies and technologies are developed, along with the establishment of market-driven mechanisms.

“The world may be different then, but the need to provide the reliable, affordable energy that drives economic prosperity and better living standards, while reducing greenhouse gas emissions, will remain just as critical as it is today,” Exxon said in its latest report as it went on to explain that energy use and economic development were inseparable and that energy poverty brings poverty.

According to Exxon, all energy types will be needed in order to raise living standards and reduce emissions. Exxon’s Global Outlook projects that the biggest change in the energy mix between now and 2050 will be significant increases in wind and solar power, while reducing coal power.

“Energy from solar and wind is projected to more than quintuple, from 2% of the world’s supply to 11%. Coal will increasingly be displaced by lower-emission sources of electricity production – not just renewables but also natural gas, which has about half the carbon intensity of coal. Overall, electricity use grows 80% by 2050,” the Global Outlook reads.

Still, oil and gas will continue to make up more than half of the world’s energy supply, even by 2050. “Given that oil and natural gas are projected to remain a critical component of a global energy system through 2050, sustained investments are essential to offset depletion as production naturally declines by 5-7% per year.”

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on August 28 2023 said:
    ExxonMobil’s global outlook is realistic and blunt enough to confound environmental claims about climate change goals, energy transition and net-zero emissions.

    The core of the report is that with world population projected to rise from 8.0 billion today to 9.7 billion by 2050 and the global economy projected to grow from $174 trillion currently based on purchasing power parity (PPP) to $245 trillion by 2050, the goals of net-zero emissions by 2050 and stopping temperature from rising beyond 2C by 2050 won’t be achievable.

    And while solar and wind energy will increase their share of global energy significantly, oil and natural gas will continue to be the dominant energy sources, even by 2050.

    Given that oil and natural gas are projected to remain a critical component of a global energy system through 2050, sustained investments are essential to offset depletion as production naturally declines by 5-7% per year.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News