Exxon raises 2050 global emissions forecast, warns coal will push levels past climate targets
The world is on course to fail in its efforts to reduce carbon emissions by 2050, largely because of the persistent use of coal, ExxonMobil (XOM) said in its annual Energy Outlook published this week.
The report estimates coal will account for 15% of the world's energy mix by 2050, down from 25% in 2025 but up by one percentage point from Exxon's (XOM) previous projection, because coal is still a significant energy source in China and other Asian countries, where it is viewed as vital for energy security.
Global energy-related carbon dioxide emissions are projected at 30B metric tons by 2050, ~10% higher than expected a year ago and nearly triple the levels that a United Nations body determined would be needed to limit global warming to 2°C, or 3.6°F, above pre-industrial norms, the report said.
That pace implies the world is on track for a 2.5°C-3.5°C temperature increase by 2050, according to Exxon's (XOM) Economic and Energy Director Prasanna Joshi.
The forecast also lowered its global estimate for the amount of carbon that will be captured and stored underground to ~2B metric tons by 2050 from its prior estimate of 3.1B metric tons, "because of affordability and the lack of willingness to pay," Joshi said.
Global oil consumption will reach 105M bbl/day in 2050, up from 100M bbl/day last year, and global electricity demand is expected to grow 65% by 2050 from 2025, largely in line with Exxon's (XOM) previous projections.
ETFs: (XLE), (XOP), (XLU)
The report estimates coal will account for 15% of the world's energy mix by 2050, down from 25% in 2025 but up by one percentage point from Exxon's (XOM) previous projection, because coal is still a significant energy source in China and other Asian countries, where it is viewed as vital for energy security.
Global energy-related carbon dioxide emissions are projected at 30B metric tons by 2050, ~10% higher than expected a year ago and nearly triple the levels that a United Nations body determined would be needed to limit global warming to 2°C, or 3.6°F, above pre-industrial norms, the report said.
That pace implies the world is on track for a 2.5°C-3.5°C temperature increase by 2050, according to Exxon's (XOM) Economic and Energy Director Prasanna Joshi.
The forecast also lowered its global estimate for the amount of carbon that will be captured and stored underground to ~2B metric tons by 2050 from its prior estimate of 3.1B metric tons, "because of affordability and the lack of willingness to pay," Joshi said.
Global oil consumption will reach 105M bbl/day in 2050, up from 100M bbl/day last year, and global electricity demand is expected to grow 65% by 2050 from 2025, largely in line with Exxon's (XOM) previous projections.
ETFs: (XLE), (XOP), (XLU)