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Energy Perspectives 2019:

Delaying climate action increases the challenge

Current climate actions are far from enough to put the world on a path to keep global warming well below 2 degrees. Global emissions increased in 2018 to reach an all-time high – and the longer this continues, the stronger measures will be necessary to reach common goals. The need is ever more urgent for rapid and significant change.

 

These are some of the findings in the 9th edition of Energy Perspectives, a report published by Equinor to provide a global review of possible macroeconomic and energy market developments towards 2050. The report particularly focuses on the challenges and opportunities related to meeting the world’s energy demand in a sustainable manner.

Recording of the presentation on 6 June 2019

The world is progressing on ensuring access to energy for more people. We also see record growth in new renewables. However, as time goes by without reductions in global CO2 emissions, the path to a sustainable future becomes ever more challenging.

Equinor’s Chief Economist Eirik Wærness.

Energy Perspectives 2018 - presentations and downloads

Energy perspectives 2018: a call for action 
The transition to a more sustainable energy system is too slow. A sustainable development path, consistent with the 2-degree target, does not allow for further delays in policy, industry and consumer action to reduce emissions. 

There is an agreement that a growing population and economic growth will increase the demand for goods, activities, and services that require energy. The challenge is to meet this growing demand while contributing to increased sustainability. This requires substantial improvements in energy efficiency and a rapid change in the global energy mix.

“There is an energy transition going on, but the speed and scope remains uncertain. We publish the Energy Perspectives report to engage, to provide insight, to discuss, to challenge, and to be challenged,” says Equinor’s Chief Economist Eirik Wærness.

Our report is being published for the eighth consecutive year. It presents three scenarios; Reform, Renewal and Rivalry, that span a vast outcome space for all important characteristics of the global energy system, such as macroeconomic development, global energy demand, GHG emissions, energy mix and oil and gas markets towards 2050. 

The report shows how policy, technology and market conditions can move development in different directions, both desired and undesired.

Eirik Wærness, Chief Economist
(Presentation in Norwegian)

Målfrid Braut-Hegghammer

Silje Ask Lundberg

Espen Barth Eide

Panel debate

About the report

Energy Perspectives is an independent report prepared by Equinor analysts, describing three possible development paths for the world economy, international energy markets and energy-related greenhouse gas emissions. 

The 2018 report adjusts for last year's events in the climate and energy fields, as well as technology development in various areas, both in renewable energy and demand in the energy markets.

The report is based on models and frameworks that the company uses in connection with long-term analyses of the energy markets and is intended to foster greater understanding of uncertainty in the long term and how different forces can influence this uncertainty.

Energy Perspectives has become an important reference in international talks on energy and climate-change issues. Each year the team behind the report is invited to international meetings and conferences to present their perspectives.

The report addresses key issues related to developments in the global energy market. How much will energy demand increase in the years to come? Is the world undergoing an energy transformation? Where is there a need for new investment to ensure energy access? What must be done to reach the climate targets set in the Paris agreement in 2015? Is the world on the right track? And how is global energy supply and greenhouse gas emissions affected by geopolitics?

Previous Energy Perspectives reports