Here is a report by McKinsey and Company that I luckily came across. The reports says that energy demand is close to peaking and should decline in the decades to come. Please refer to the graph below.
Some of the reasons for this slowdown in demand are more efficient cars, office buildings, and homes. The report is a bit dated but I think still relevant. Here are some of the key points in the publication:
- Global energy demand growth decelerates, following a structural decline in energy intensity
- Electricity demand grows four times faster than all other fuels
- Renewables’ cost decline accelerates further, out-competing new-built fossil capacity today and existing capacity in 5-10 years
- Coal demand peaks in next decade, oil in the next two; in contrast, gas continues to grow modestly
- CO 2 emissions plateau by 2030 and remain far from a 2°C pathway
To download the full report, please go to this website: https://gep.mckinseyenergyinsights.com/