On Wednesday, the consulting firm Ernst & Young (EY) released a report indicating that the global economy will require an annual investment of US$4.1 billion in transition technologies and energy infrastructure by 2050.
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The EY report warns that, although a new energy system is being generated, the most significant changes won't be apparent until after 2030.
For the next decade, solar and wind energy will power "almost everything," with renewables in general aligning supply with demand, and oil and gas becoming more environmentally friendly.
In fact, green energy will dominate energy generation by 2038 and account for 62 percent of the energy mix by 2050.
In Europe, clean energy will focus on wind, and the combination of offshore and onshore wind will become the primary source of energy generation in the region by 2027.
Additionally, Ernst & Young predicts that global final energy demand will increase by 17 percent by 2050, driven by growth engines in China and South Asia compensating for stability in the United States and Europe.
Regarding final electricity consumption, it is expected to grow to 24 percent by 2030 and 32 percent by 2050. Doubling electricity consumption, along with hydrogen absorption, will offset fossil fuel consumption, making the latter satisfy 57 percent of the final energy demand, compared to the current 72 percent.
Concerning the use of fossil fuels, which will peak before the end of this decade, the elimination of hydrocarbons will take longer, vary by markets, and be more expensive than anticipated.
Finally, Ernst & Young emphasizes the need to build a hyper-intelligent and flexible network in response to extreme pressure on electric grids as the implementation of renewable energies grows.