LONDON (Reuters) -Oil, gas and coal will continue to dominate the world’s energy mix well beyond 2050, as soaring electricity demand outpaces the shift to renewables, according to a new McKinsey report.

WHY IT’S IMPORTANT

Continued use of fossil fuels poses a major challenge to achieving global net-zero climate targets.

Electricity demand will rise mainly due to a projected 20-40% increase from the industry and buildings sectors by 2050, according to the report, with North American data centres seen as the biggest contributors to the surge.

The use of natural gas for electricity generation is expected to grow significantly, while coal use may also persist at higher levels.

BY THE NUMBERS

McKinsey expects fossil fuels to account for about 41-55% of global energy consumption in 2050, d

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