Global energy consumption increased by just 1.3% in 2023 amid high energy prices and a slowing economy. Interesting fact is that the oil and gas industry is expected to enter 2023 with a healthiest balance sheet with a continued capital discipline.
Energy outlook 2023: Global energy consumption with waning gas supplies and extreme weather events would force many countries to depend on fossil fuels resulting in delaying of green energy transition. EIUs is expected to bring comprehensive challenges in 2023 to guide energy along with new trends and opportunities.
Renewable energy market outlook for 2023: Renewable capacity additions are mostly expected to increase over by 8% as compared to last year. The recent global energy crisis has added a new urgency in the market that accelerates clean energy transition and highlighted the key importance of renewable energy.
Biofuel outlook: Demand for biofuel recovered in 2021 and the growth rate is expected to increase by 5% in 2022 and 3% in 2023. On the other side, a large matter of concern is increase in feedstock prices as well as policy reaction from multiple countries.
Solar energy: It has come a long way in a decade and next year it is expected to have more than 115 gigawatts (GW) of solar installed across the globe which is more than all other generation technologies. In coming years, there will be few improvements promised that would ensure that solar energy becomes more-cheaper and user-friendly. By 2030 solar energy is expected to become the most important source of electricity production in the world.
EIU forecast natural gas use to flatten and consumption rate in 2023: Energy demand would have sluggish growth in 2023 for the second next consecutive year. Despite decarbonisation targets or coal consumption will grow in order to compensate for the gaps created over years in gas supplies. As per the current report, consumption of global natural gas will remain flat in 2023 as it continues to decline in places like Europe and North America. Moreover, demand for gas in Asia is expected to increase by 2.4% in 2023.
Powering a safe future: Cheap electricity from renewable sources that could provide 65% of the world’s total electricity that is starting from 2023 and expected to end by 2030.
So, it is expected that by 2050 we could get all energy that we need from renewable sources.
