The never-ending role of hydrocarbons: Part 2

A rising global population and greater urbanisation will mean increasing demand for energy, but what will be up and down in the mix? Petroleum Economist looks out to 2050 again in the second part of our long-term outlook

Let us start with the energy mix: how it is changing and why. The world’s population is projected to increase from close to 8b people to about 10b by 2050. Rapid urbanisation will drive around 70% of people into cities, particularly in Asia and Africa, and the global economy will double in size to more than $200t. By 2050, global primary energy demand will increase by 25%, with Asia-Pacific and Africa leading the growth. As developing economies expand, urbanise and industrialise, energy consumption will continue to rise. Petroleum Economist sees primary energy demand growing from 635EJ in 2023 to 775EJ by 2050. Asia-Pacific is set to dominate global energy demand growth, contributing 70EJ, f