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McKinsey`s forecast: Electricity consumption will double in 2050 but will be covered by RES

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McKinsey`s forecast: Electricity consumption will double in 2050 but will be covered by RES

Energy systems in the world are undergoing a rapid transition, which will lead to changes from vehicle fuels to the way homes are warmed up and powering the industry. These trends will affect business, governments, and the individual in the coming decades.

This is said in the forecast by McKinsey Energy Insights for the development of the global energy sector. Generally, global electricity consumption will double in 2050. This growth will be entirely covered by renewable energies (RES), which will generate around 50% of electricity in 2035, and in 2050 - 73%, they estimate the authors of the forecast.

The rapid growth of new RES will also be due to the fact that the new solar and wind power plants will gradually become cheaper than the existing traditional capacities. This process is already happening, but will generally end in 2030, according to the authors.

The authors of the report show optimism about electric transport, predicting that in the world in 2035, 100 million electric vehicles will be sold annually, and in 2050 the number will now reach 2 billion.

The full report you could find out here.