Norway – Long-term developments in the world’s energy markets, as well as how politicians, technologies, businesses, and consumers can influence them, continue to create news, Equinor writes.
Energy Perspectives is an impartial analysis that describes three scenarios for the global economy, international energy markets, and energy-related greenhouse gas emissions. It exemplifies how we must modify the way we provide and consume energy in order to meet global climate targets. It includes many demand channels for oil and gas. It demonstrates the potential importance of hydrogen in global energy markets. And a lot more.
Rebalance, Reform and Rivalry
Total global energy demand is predicted to peak at different periods in the report’s three scenarios: Rebalance, Reform and Rivalry. Increased electrification of the global energy system is a common element in all scenarios, resulting in significant energy efficiency gains. Total energy demand peaked in Rebalance in 2019 due to immediate and coordinated tightening of climate policies, as well as behavioral changes resulting from the Covid-19 rebound, whereas Reform and Rivalry have peaks in 2040 and 2045, respectively.
Hydrogen as energy carrier
This year’s study includes a more in-depth assessment of hydrogen as an energy carrier, including its prospective uses and supply, as well as the implications for the energy system. Hydrogen was examined using a sensitivity analysis on the Rebalance scenario, demonstrating how countries might further reduce their emissions to net zero.
The task of completing the energy transition is enormous. The Rebalance model demonstrates this, as does the recently published IEA Net Zero Emissions scenario. To meet climate targets, significant international cooperation will be required.