Exxon Mobil: Gas demand to rise by more than 20 percent by 2050

Global demand for natural gas will rise by more than 20 percent by 2050 compared with last year, US energy giant Exxon Mobil predicted, according to Reuters. It added that global oil demand will remain above 100 million barrels per year through 2050.

According to the company, demand for natural gas will be driven mainly by the industrial sector, which will replace coal with gas. “It’s a great way to provide industry with the energy it needs while also reducing the emissions problems associated with coal,” said Chris Birdsall of Exxon Mobil.

Gas demand will also be supported by rising electricity consumption in developing countries, the company said. Oil and gas will account for around 55 percent of global energy consumption in 2050, just one percentage point lower than last year, Exxon Mobil predicts.

The company also expects global carbon dioxide emissions to fall by around a quarter to 27 billion tonnes by 2050. They will nevertheless remain more than twice as high as would be consistent with the UN’s emissions targets, Reuters reports.