Global energy demand is set to rise as income and population grow, with natural gas, oil and coal in 2050 still meeting more than half of total consumption, in part because of the high cost of new technologies, according to Wood Mackenzie.

The consultancy’s 2023 Energy Transition Outlook (ETO) highlights the “energy challenge trinity” impacting the world over the next quarter century, which it defines as security, sovereignty and sustainability.

“Oil and gas will still have a role to play as part of a managed transition,” Wood Mackenzie’s Prakash Sharma, lead author, said. Sharma is vice president of Scenarios and Technologies Research.

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