Mr. Chris Birdsall made a detailed presentation on the ExxonMobil’s Global Outlook-2024. He apprised the participants about the current trends, projections, target and expectations regarding energy demand, supply, and developments through 2050. He said that renewable energy sources will play an essential role while oil and natural gas will continue to dominate in the world’s energy mix. Further, he said that the majority of the world’s oil is utilized in industrial processes such as manufacturing and chemical production, as well as heavy-duty transportation like shipping, trucking, and aviation. These services are indispensable for modern life and fuel future economic growth in the developing world.

He mentioned that by 2050, CO2 emissions are expected to fall ~25%, driven by efficiency improvements and a bigger shift toward lower-emission solutions. He said that technologies like hydrogen, carbon capture and storage, and biofuels have yet to reach their full potential but are needed to reduce emissions on a global scale.

The Global Outlook projected that oil and natural gas will make up more than half of the world’s energy supply in 2050. The oil demand will stabilize after 2030, remaining above 100 million barrels per day through 2050. However, demand for natural gas will rise by more than 20% driven by higher electricity demand in developing countries. Lower-emission energy sources, including solar, wind, and biofuels, are also expected to have the fastest rate of increase. By 2050, the world is expected to use 35% less coal than it does today as lower-emission sources meet an increasing share of rising demand in the developing world. The Outlook showed that sustained investment in oil and gas development is needed to meet the world’s rising energy needs.

Hon'ble Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri in his address, complimented Mr. Chris Birdsall for his detailed presentation. He highlighted how India has made remarkable strides in enhancing its energy security, affordability, and sufficiency while actively working to reduce carbon emissions as part of its commitment to achieving net zero. He also focussed on govt’s policy implementation aimed at increasing energy availability and promoting a green energy transition. He concluded that this comprehensive approach reflects the evolution of India’s energy landscape, focusing on sustainable growth and the adoption of renewable energy sources, ensuring a balanced and forward-looking energy future.

Mr. Matthew Chandler, delivering his vote of thanks, highlighted the importance of this year's ExxonMobil’s Global Outlook in the backdrop of the energy transition and the recent global developments the world is undergoing. He also added that the country is in the right direction to enhance its energy security and provide affordable and reliable energy to millions of Indians in a sustainable manner.