Renewable energy will displace petroleum as the most-used global energy source in the late 2040s, but oil demand is not expected to peak before 2050, the United States Energy Information Administration, yesterday, in its latest long-term international outlook, said.
The growth projection raises concerns for economies dependent on oil and presents a challenge to governments worldwide, if they are to meet repeated warnings that the global economy must be net-zero in greenhouse gas emissions by 2050.Energy production accounts for more than 70 percent of emissions, according to the non-profit Center for Climate and Energy Solutions.
EIA Administrator Linda Capuano said the outlook for oil demand continuing to rise through 2050 is based on economic growth, population growth, demand for new oil-based products, air-conditioning use, transportation and other factors.