Exxon Sees Power Demand Exploding 65% By 2050

Exxon Mobil Corp. (NYSE:XOM) expects global electricity demand to surge about 65% by 2050 as rising living standards, industrial activity, data centers and electric vehicles drive energy consumption higher. The energy giant’s 2026 Global Outlook projects rising overall energy demand as economies expand and incomes increase. However, ExxonMobil also expects global carbon dioxide emissions to decline as efficiency improves and lower-emission technologies expand. Coal To Remain Key Part Of Energy Mix ExxonMobil expects coal to make up 15% of the global energy mix in 2050, down from 25% in 2025. Despite the decline, coal is expected to remain important in many countries. The company now projects annual global energy-related CO2 emissions of 30 billion metric tons in 2050, down from 36 billion metric tons in 2025. However, that is higher than Exxon’s previous projection of 27 billion metric tons. The new forecast also remains well above the 11 billion metric tons represented by the average of the Intergovernmental Panel on Climate Change’s “Likely Below 2°C” scenarios cited in Exxon’s report. Prasanna Joshi, Exxon’s director of economics and energy, said emissions at the company’s projected level could lead to global temperatures rising by 2.5 to 3 degrees Celsius, Reuters reported. ExxonMobil also lowered its 2050 forecast for carbon capture and underground storage to 2 billion metric tons from a previous estimate of 3.1 billion metric tons, according to Reuters. Electricity And Oil Demand Rise ExxonMobil projects global electricity demand to rise about 65% from 2025 levels by 2050. Electricity’s share of global energy use is expected to increase from about 20% today to roughly 30%. Meanwhile, global oil demand is expected to reach about 105 million barrels per day in 2050, up from just over 100 million barrels per day in 2025. Demand is projected to stabilize after 2030 but remain above 100 million barrels per day through 2050. Natural gas demand is forecast to rise about 20%, reaching roughly 520 billion cubic feet per day in 2050 from 440 billion cubic feet per day in 2025. Overall, ExxonMobil expects oil and natural gas to continue accounting for more than half of the global energy mix in 2050, driven by demand from manufacturing, chemicals and heavy-duty transportation. The company cautioned that its outlook is a projection rather than a prediction of a single outcome. Future energy demand and emissions could change based on technology, government policy, geopolitics and consumer behavior. Photo via Shutterstock Read Also: Oil Crisis Worsens, Diesel Hits Record High: Here's How to Trade It