Janice R. Andrews
According to McKinsey’s Global Energy Perspective 2024 study, the global energy shift is facing more and more problems. These include rising costs, complicated technologies, and progress that is taking longer than expected. These problems make it harder to meet climate goals.
McKinsey says that current actions are not enough to meet the goals of the Paris Agreement, even though more people are committing to net-zero goals. The report shows that there is a growing gap between climate goals and actual progress. The study says that the rate of change is not keeping up with how urgent the situation is.
By 2050, the world’s energy needs are expected to have grown by 11% to 18%. This growth will mostly come from developing economies with growing middle classes and people. By 2050, low-carbon energy sources are expected to make up 65% to 80% of the world’s energy mix. However, fossil fuels will still meet 40% to 60% of demand, down from 78% in 2023.
McKinsey says that the switch to clean energy must strike a balance between cost, security, and the ability of energy systems to handle changes. This is especially important as the global economy becomes less stable. To meet the goals set in Paris, the shift needs to happen much faster, and investments need to keep going into both fossil fuels and green energy to make sure there is enough energy for everyone in the years to come.
The world’s energy future will be complicated and expensive, so we need to act quickly to close the gap between our hopes and reality.
