Fossil fuel peaks continue to occur earlier
ReportsPeak use of oil and gas are set to happen earlier than initially expected, according to the latest report from McKinsey & Company, an American management consulting firm. Oil-demand growth is projected to peak in 2029, driven by the decline in road transport and the impact of the covid-19 pandemic. The chemicals and aviation sectors will retain some oil demand, as well as by emerging economies. Gas demand continues to grow until the late 2030s when it shifts from a baseload provider to flexibility provider. Despite the rapid drop-off global greenhouse gas emissions decline by only around 25% by 2050, implying a 3.5°C pathway.
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