A new report published by McKinsey Energy Insights states that improvements and investment in renewable energy generation and electric vehicles will reduce carbon dioxide production and lead to an eventual decline in emissions.
The data and analytics specialists also forecast that by 2020, electric vehicles will make up 3% of global car sales. A figure which will rise to 20% by 2030.
The report states that renewable energy generation will become so economic within the next ten years that building new renewable capacity will be less expensive than operating current gas or coal generation plants.
A further suggestion is that solar and wind power generation will grow around ten times faster than gas, with major declines in fossil-fuel generation triggered.
However, MEI has concluded that as global power demand is continuing to rise, emissions will still remain over double the currently required level to pass international climate obligations.
Associate Partner and Solution Leader at MEI, Ole Rolser stated: “Despite the significant momentum around EVs and renewable energy sources taking an increasing share of the power market, energy-related emissions remain flat from 2030 to 2050.”
“To realise the 2°C pathway scenario, we would have to see much broader, much more disruptive change than what we are seeing now.”