Global spending on energy, as proportion of economic output, is set to slow sharply because the world’s energy demand will decline from 2035 onwards, according to DNV GL’s Energy Transition Outlook . The historically significant change in energy needs is largely down to rapid electrification and its inherent efficiency. The decarbonization of the energy mix will be reflected in investment trends with money spent on renewables set to triple by 2050, according to the report. Conversely, fossil fuel spending will drop by around a third. Overall, the rate of energy expenditure will slow to such a degree that by mid-century, as a percentage of GDP, the world will be spending 44% less than today. However, the report cautions, the rapid transition will not be fast enough to meet a sub-2 ⁰C climate goal. A strong combination of several measures is the only way for the world to meet the […]