Global energy needs are set for a significant surge in the coming years. The International Energy Agency (IEA) is forecasting global electricity demand to rise this year by its fastest rate since 2007, while consulting firm McKinsey projects that world electricity demand will more than double by 2050, from 25,000 terawatt-hours (TWh) to between 52,000 and 71,000 TWh.
That skyrocketing energy demand is in clear conflict with climate targets, which means natural gas (NGU24) is expected to benefit from its status as a “bridge fuel.” In its latest annual report, energy giant Exxon Mobil (XOM) confirms that more than 50% of energy demand is still met by oil (CLV24) and natural gas. Meanwhile, the Gas Exporting Countries Forum (GECF) expects natural gas demand to rise by 34% and account for roughly 26% of the energy mix by 2050.
