Global Energy Demand Set to Jump 60% by 2060 as Developing Nations Power Up
Emerging economies are going to see an explosion of energy demand over the coming decades. Countries like Brazil, India, Nigeria, and Indonesia are racing to expand their energy production and imports in order to keep up with rapid economic development. While the leaders of these and other emerging economies are making a concerted effort to expand their renewable energy capacity, meeting demand…
By 2060, global energy demand is expected to surge by over 60%, according to a new report from S&P Global. This increase is primarily driven by developing nations such as Brazil, India, Nigeria, and Indonesia, which are rapidly expanding their energy production and imports to keep pace with their economic growth. While these emerging economies are keen on transitioning to renewable energy sources, the report suggests that a mix of energy sources will be necessary to meet the anticipated surge in demand.
S&P Global's Dan Yergin stated that while renewables will play a crucial role, oil and gas will continue to be part of the energy landscape for longer than many might anticipate. The report also highlights that despite the push towards clean energy, emerging economies are not planning to abruptly abandon fossil fuels, as transitioning to a 100% renewable grid would be an extremely challenging task.
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