A deep decarbonization of the world’s energy system is still 15 years away, DNV GL said in its recently released 2020 Energy Transition Outlook, with carbon emissions set to remain high until the mid-2030s.

Liv Hovem, CEO, DNV GL – Oil & Gas, discussed the conclusions of the 2020 Energy Transition Outlook with Hart Energy, explaining that energy transitions will occur at different rates in different parts of the world.

“The share of renewables will increase from 26% in 2018 to 63% in 2050, which is a big shift,” Hovem said. Most of that increase will come will solar and wind power as global demand for electricity doubles from current levels.

Other major changes are the shift away from coal, and the move from natural gas to decarbonized natural gas utilizing carbon capture and storage technology.

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3:38—Changing oil market share

5:50—Policy

7:16—Gas demand

8:40—Holistic approach

9:30—Reaching Paris goals