Global Energy Perspective Year 2022 by McKinsey

Mckinsey & Company  has released its study on Global Energy Perspective 2022. In this Global Energy Perspective 2022 report, Mckinsey & Company gave detailed information about Net Zero carbon emissions & other goal of more than 60 countries.

Additionally, 60% of Fortune 500 corporations pledge to meet these decarbonization targets. The global energy revolution is gaining momentum, yet uncontrollable circumstances can always let the fight against climate change lose steam.

And yet, a recent study by the research company McKinsey & Company suggests that it probably won’t be enough to prevent disastrous warming of the world.

The most recent Global Energy Perspective yearly report from McKinsey provides predictions for the future of various fuel sources used in the energy mix. It predicts that by 2050, renewable energy sources like wind and solar will have tripled in size and will generate the majority of the world’s electricity.

Key findings of this report include

  • Renewable energy sources are anticipated to rise three times by 2050, making up 50% of the world’s power generation by 2030 and 80 to 90% by 2050.
  • Solar energy costs have decreased by half as a result of quick technology advancements and supply chain optimization, and wind energy costs have decreased by approximately one-third. As a result, the cost of 61 percent of newly installed renewable capacity is already cheaper than that of fossil fuel alternatives. In the previous four years, battery prices have also decreased by almost half.
  • The adoption of EVs is expected to be the main driver of the global oil demand peak in the next three to five years.
  • Global warming is anticipated to reach 1.7 degrees despite net-zero commitments from businesses and governments, an 85 percent renewable energy grid by 2050, and the rapid advancement of EVs and decarbonization technology.