Global oil demand will reach a new high in 2025, barely eclipsing its 2019 record, but natural gas will overtake oil in 2032 and retain the top spot among primary energy sources through 2050, DNV forecast in its Energy Transition Outlook 2021, released Sept. 1.

The fifth annual study produced by Hovik, Norway-based DNV, also emphasized that the pace of the energy transition to cleaner fuels is too slow to keep global warming to less than 2 C by 2100. DNV also stated that COVID-19 stimulus packages designed to supplement wages and help industries and the economy to recover could have been steered toward decarbonization efforts to aid with the reduction of greenhouse-gas (GHG) emissions.

“Global CO2 and GHG emissions fell 6% in 2020 but will rise again this year,” the outlook said. “While the emissions trajectory has shifted down slightly, that is due to lost economic activity, not energy-system renewal. The overall pace of the transition has not accelerated, and that is a lost opportunity.”

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