Global Electricity Production to Double by 2060, Led by China's Renewable Push
The global energy landscape is shifting rapidly. By 2060, global electricity production is set to double, with electricity's share in total energy demand rising to 43%. China is leading the charge in renewable energy deployment, while the U.S. faces delays due to political shifts.
DNV's Energy Transition Outlook to 2060 predicts a significant increase in global electricity production, with a majority of this growth coming from renewable sources. China, already the world's largest emitter, is forecasted to install most of the new solar and wind capacity, driving the global energy transition. By 2060, electricity is expected to be almost entirely non-fossil, with CO2 storage technologies widely adopted.
However, the outlook isn't entirely positive. Global CO2 emissions in 2050 are now projected to be four percent higher than previously forecast, due to a slight tilt towards fossil fuels. Meanwhile, Norway's energy transition is slowing down despite increased oil and gas exports, while acceleration is happening elsewhere, particularly in China. Inexperienced green technologies like offshore wind and hydrogen are also hindering progress.
Despite setbacks, the global energy transition is marching on, driven by profitable green technologies and strong market forces. China's leadership in renewable energy deployment is a key factor, while political shifts in the U.S. have had minor global impacts. Energy security measures are estimated to reduce global emissions by one to two percent annually, but more ambitious action is needed to meet climate goals.
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