Oil and natural gas are still projected to meet more than half of the world’s energy needs in 2050, or 54%, Exxon Mobil Corp. said on Monday, with the world failing to keep global temperature increases below 2 degrees Celsius.
The largest U.S. oil producer projects the world will reach 25 billion metric tons of energy related CO2 emissions in 2050, according to its energy outlook published on Monday. That is more than twice of the 11 billion metric tons the United Nations Intergovernmental Panel on Climate Change (IPCC) say would be needed on average in its Lower 2°C scenarios.
“An energy transition is underway, but it is not yet happening at the scale or on the timetable required to achieve society’s net-zero ambitions,” the producer said.
Overall, Exxon projects energy-related CO2 emissions will peak at more than 34 billion metric tons sometime this decade and then decline to 25 billion metric tons in 2050, the company said.
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