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Oil Demand Seen Peaking by 2023 While Climate Targets Missed

  • All energy use to fall from 2035, renewables share to soar
  • Planet set to warm 2.6 degrees, above recommended level
Gazprom Neft PJSC'S Deep Oil Operations In Serbia
Photographer: Oliver Bunic/Bloomberg

Within 20 years, oil use will have long since peaked, renewables and natural gas will account for about half of energy supply and the cost of keeping the lights on will plummet. But that still won’t be enough to meet climate goals, according to a forecast from energy and maritime services company DNV GL Group AS.

Even with crude oil demand expected to fall from 2023 and total energy consumption over the globe to peak 12 years after that, the world will probably warm 2.6 degrees Celsius, DNV said. That’s 0.6 degrees above the level a consensus of scientists say the world will need to stay beneath to avoid catastrophic climate change, which could impact the Earth’s habitability.