The COVID-19 pandemic has caused one of the biggest shocks to energy demand in the industry’s history. But the rebound is already well under way, and over the coming years, the underlying trends driving demand growth are likely to reassert themselves.
Renewable energy, battery storage and electric vehicles are growing fast, but according to Wood Mackenzie Power & Renewables in its latest Energy Transition Outlook, it is not fast enough to shift annual global greenhouse gas emissions off a trajectory of continued increases up to about 2030, with only a gradual decline thereafter.
