A new report from Norway-based classification and technical services provider DNV GL has revealed that renewable sources are expected to account for nearly half of the global energy mix by 2050.

Called 'Energy Transition Outlook', the report has also noted that rises in the use of renewable sources over the next 35 years is set to reduce carbon emissions from the energy-related sector in half.

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However, the gas supply is estimated to reach its peak in 2035, and continue to be the largest single source of energy.

The DNV GL report stated that energy efficiency is set to improve faster than global economic growth due to the fast electrification of the world’s energy system. This will help lead to a plateau in energy demand from 2030.

Despite higher efficiency and reduced dependence on fossil fuels, the new report highlighted that the Earth is set to warm by 2.5°C, failing to achieve 2015 Paris Agreement targets.

"Even with energy demand flattening and emissions halving, our model still points to a significant overshoot of the 2°C carbon budget."

DNV GL group president and CEO Remi Eriksen said: “Even with energy demand flattening and emissions halving, our model still points to a significant overshoot of the 2°C carbon budget.

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“This should be a wake-up call to governments and decision-makers within the energy industry.

“The industry has taken bold steps before, but now needs to take even bigger strides.”

DNV GL also predicted that windpower and solar photovoltaics (PV) will facilitate the continued expansion of renewable energy. Costs of these technologies are expected to reduce by 18% and 16%, respectively.

Image: Windpower and solar facilities are expected to help expansion of renewable energy in future. Photo: courtesy of zak zak/ Flickr.