Energy transition outlook 2023: a global and regional forecast to 2050

Over the last five years fossil fuels have met only half of the new demand for energy globally, despite a rapid buildout of renewable capacity, according to DNV’s Energy Transition Outlook. The report finds that between 2017-2022 renewables met 51% of new energy demand, whilst the remaining demand was supplied by fossil fuels. Renewables are still just meeting increased demand rather than replacing fossil fuels and in absolute terms fossil fuel supply is still growing. Limiting global warming to 1.5°C warming is less likely than ever.  To reach the goals of the Paris Agreement, CO2 emissions would need to halve by 2030, but DNV forecasts that this will not even happen by 2050.