Global emissions from fuel consumption likely peaked last year, as power demand has fallen this year due to coronavirus pandemic-related restrictions, research by Bloomberg Energy Finance said on Tuesday.
In its New Energy Outlook report, BNEF said emissions from the energy sector have fallen by around 10% this year as a result of the COVID-19 pandemic. Even if they rise again with economic recovery, they will never reach 2019 levels again.
From 2027 onwards, emissions are seen falling at a rate of 0.7% per year to 2050.
This is due to the rise in wind and solar power, increased uptake of electric vehicles and improved energy efficiency across industries, the report said.
Together, wind and solar power will account for 56% of global electricity generation by mid-century.