Global Energy Industry Emissions Set to Peak in 2024

According to a new report from Norway's DNV, emissions from the energy sector are set to peak this year. The peak would be driven by the increased deployment of solar generation and battery storage. The report claims emissions may eventually halve by 2050, as non-hydrocarbon sources of energy come to account for some 50% of the global energy mix.

Wind power is also seen as crucial for the decline in emissions, with DNV seeing wind capacity rising to account for 28% of electricity generation by 2050. Offshore wind specifically is forecast to expand at an annual rate of 12%. That’s despite current challenges in the growth of this industry in the form of higher costs that are leading to delays in planned projects.

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