Global Energy Outlook: Challenges and Forecast for 2050

The International Energy Agency (IEA) predicts continued growth in global oil and gas demand until 2050, signaling a potential shortfall in achieving climate goals. Despite previous expectations of a clean energy transition, the IEA's new outlook highlights increasing oil demand and a surge in liquefied natural gas projects.

The International Energy Agency (IEA) announced on Wednesday that global demand for oil and gas could continue to grow until 2050. This marks a shift from previous projections that anticipated a rapid transition to cleaner energy sources, reflecting potential difficulties in achieving global climate targets.

The IEA's World Energy Outlook revealed that under existing government policies, oil demand may reach 113 million barrels per day by mid-century, a 13% increase from 2024 levels. Additionally, global energy demand is expected to rise significantly, driven partly by expansion in data center and AI technology.

The report underscores the growing investment in liquefied natural gas, with new projects potentially increasing supply by 50% by 2030. Despite efforts to limit global warming to 1.5 degrees Celsius, the IEA warns that such targets may not be met without significant advancements in carbon reduction technologies.

(With inputs from agencies.)