Climate policy continues to accelerate the shift away from carbon-intensive fuels.
Although traditional energy sources will still underpin most of the global energy balance, renewable sources are rapidly gaining momentum. The share of solar and wind energy in global demand was only 3.5% last year, but it is expected to increase to 13.5% by mid-century.
The chart presented above shows the change in the global energy balance based on forecasts from the Organization of the Petroleum Exporting Countries (OPEC).
Oil accounted for 30.6% of global energy demand in 2024, and while its share is expected to slightly decrease to 29.8% by 2050, it will remain the dominant fuel type in the world.
Coal, the second-largest source of energy today, will face a much sharper decline. Its share is projected to drop by 12.9 percentage points during this period, falling to 13.6% of global demand as climate policy continues to accelerate the shift away from carbon-intensive fuels.
Renewable energy sources show the opposite trend. Overall, their combined share will grow from 15.4% in 2024 to 26.3% in 2050, with solar and wind energy showing the fastest growth among all fuel types, increasing by 10 percentage points over the forecast period.
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