BAKU, Azerbaijan, July 11. Renewable energy is set to nearly double its share in the global energy mix by 2050, fueled by rapid growth in solar and wind power, according to OPEC’s latest energy outlook, Trend reports.
Global demand for renewables will rise from 47.4 mboe/d in 2024 to 99.4 mboe/d in 2050 - an increase of 52 mboe/d, or 2.9% per year on average. This expansion will push renewables’ share of global energy consumption from 15.4% to 26.3% over the forecast period.
The growth is driven almost entirely by the rapid deployment of "other renewables" - mainly solar and wind - which are projected to increase from 10.6 mboe/d in 2024 to 51.1 mboe/d in 2050. This reflects a 382% rise, driven by falling technology costs and supportive policy frameworks worldwide.
Hydro and biomass will see only moderate growth, with hydro rising from 7.8 to 11.6 mboe/d, and biomass from 29 to 36.8 mboe/d over the same period. Combined, they will represent just over 13% of the renewable energy mix by 2050.
OPEC notes that the shift to renewables will also reshape global electricity generation. The share of non-fossil sources in power generation is expected to rise from 42% in 2024 to 67.5% by 2050-led overwhelmingly by solar and wind.
