Fossil fuels will continue to play a major role in the global energy mix, accounting for between 41 and 55 per cent of total consumption by 2050, says McKinsey’s Global Energy Perspective report.

Although this marks a decline from today’s 64 per cent share, the figure is still higher than earlier projections, reflecting the continued rise in global energy demand (full report on Page 76).

The road transport will likely be the largest contributor to keeping global oil demand elevated through 2030.

Clean hydrogen, while promising, remains costly and is unlikely to achieve large-scale adoption within the next decade, with early use expected mainly in heavy transport and industrial sectors.

Sustainable fuels, both bio-based and synthetic, are projected to grow to about 600 million tonnes annually by 2050, driven by regulatory mandates. However, without such policies, experts say their widespread.