The price of oil could plunge to as little as $10 a barrel by 2050 if the world succeeds in electrifying the energy market and meeting Paris Agreement goals, a consultancy said on Thursday.
Energy research and consultancy Wood Mackenzie said in a report that if world leaders took decisive action to limit global warming to 2 degrees Celsius by 2050, as set out in the landmark Paris climate accord, oil demand would drop “significantly.”
Wood Mackenzie said under its accelerated energy transition scenario, the energy market would be increasingly electrified through to 2050, squeezing out the most polluting hydrocarbons, like oil.
