2024 is likely to be the year when energy-related emissions will peak, according to DNV’s latest Energy Transition Outlook forecast. Emissions are set to almost halve by 2050, but this is a long way short of the requirements of the Paris Agreement. The slow decline of post-peak emissions means that there is still much work to do:
- Overall, renewables will grow 2.2x from now to 2030, well behind the COP28 goal of tripling to 2030.
- The expected reduction in energy-related CO2 emissions in 2025 (-0.4%) is marginal and uncertain.
- Slow scaling of decarbonization solutions in hard-to-electrify sectors like heavy industry, maritime, and aviation is an ongoing challenge.
- Global energy-related CO2 emissions will be reduced by 5% by 2030, compared with 2023. In 2050, CO2 emissions will be at 17 Gt — half the present level. This is two decades later than the 2030 halving of CO2 emissions outlined by the IPCC, and very far from net zero in 2050.
- Cumulative emissions drive a global temperature increase, and we are most likely heading towards a 2.2°C global temperature increase in 2100.
How can we accelerate the energy transition?
Emissions peaking is a major milestone, but the focus must remain on how quickly emissions decline. This will require leveraging every strategy and solution to combat global warming, while maximizing efficiency.
Ultimately, success in the energy transition will require the convergence of policy, AI, digital technology, and finance — all working together efficiently to drive decarbonization.
Energy policy is a critical driver of this transition and must align urgently with climate goals to be effective. At the same time, technologies like AI offer significant potential to accelerate progress. For example, AI models are already being used to optimize wind farm energy production and predict battery life, both essential for scaling renewable energy systems.
An important topic in the energy transition is financing, as trillions of dollars are needed to reduce greenhouse gas emissions and mitigate the worsening effects of climate change. A key challenge is ensuring that green finance pathways are accessible to developing economies, so no one is left behind in the transition.
DNV at COP29
At COP29, DNV will collaborate with its customers, policymakers, sector associations, and other third-sector players to discuss the challenges and opportunities related to policy, AI, finance, and decarbonization, and create bridges to a more sustainable world.
Follow DNV on social media to stay up to date on all the events and speaking opportunities we’ll participate in at COP29. Please read more below about some of the most important conversations we’ll contribute to during the conference.
Meet the DNV team at COP29
Al-Karim Govindji
Global Head of Public Affairs, Energy Systems
Al-Karim looks forward to connecting with you on global energy policy, geopolitics, energy transition, and NDCs. He engages actively with governments, sector associations, and customers on a range of topics, including renewables, oil and gas decarbonization, CCUS, grids, and AI. Get in touch with Al-Karim.
Astrid Helene Rusås Kristoffersen
Group Director Research & Development
Astrid will be engaging with policymakers and industry representatives with the mission to accelerate the energy transition. As the director of DNV’s strategic R&D unit, her portfolio includes research into energy and digital transformation, with a focus on AI-enabled systems supporting the energy transition. Get in touch with Astrid.
Christopher Lilholm
Acting Global Head of ESG & Sustainability, Supply Chain & Product Assurance
Chris will be engaging and connecting with key clients within the financial and hard-to-abate sectors with the mission to accelerate responsible and credible decarbonization. Looking to connect with Chris and our supply chain and product assurance experts at COP29 to learn how DNV can support your sustainability agenda on topics like green claim validation, carbon emission assurance, sustainable finance, supply chain sustainability, and navigating regulations like CBAM? Schedule a meeting with Christopher in Baku.
Dr Nichola (Niki) Hutson
Head of Sustainable Finance & ESG Advisory UK & Africa, Supply Chain & Product Assurance
Niki will be engaging and connecting with key clients within the financial and hard-to-abate sectors, with the mission to collaborate and open up pathways to credible climate finance. Connect with Niki as a Sustainable Finance & ESG advisory subject matter expert at COP29 from 11 to 16 November, and learn how DNV can support your sustainable finance agenda, alongside topics on taxonomies, regulations, and much more. Schedule a meeting with Niki in Baku.
Sandeep Lele
Head of Sustainability, Middle East
Sandeep will be available from 12 to 14 November to discuss sustainability and climate change topics for the Middle East. Are you interested in understanding how DNV can support your ambitions for the Middle East regarding decarbonization, ESG report assurance, green claims, sustainable finance, ESG assessments of your supply chain, VCS/GCC verifications and training related to these topics? Get in touch with Sandeep.
Anjana Sharma
Head of Sustainability and Climate Change Services, India
Anjana will be available from 12 to 14 November and is excited to chat about sustainability and climate change topics with you. Interested in how DNV can help with decarbonization, carbon neutrality, ESG report assurance or advisory, CBAM advisory, green claims, or sustainable finance? Or maybe you're curious about VCS/GCC validation and verifications for GHG projects? Let's dive into all these possibilities together! Get in touch with her to book an in-person meeting.
Angelos Pastras
Senior Energy Storage Consultant, Energy Systems
Angelos has served as a delegate at COP26 through COP29 and currently leads the Commonwealth Sustainable Energy Transition Youth Action group. He is an Institution of Civil Engineers (ICE) UK Carbon Champion, a Rising Leader Fellow with Aspen Institute UK, and a member of the Young Engineers Future Leaders for World Federation of Engineering Organisations (WFEO).
Tim Hare
Head of Sales, UK & Ireland, Energy Systems
Tim is responsible for business development and sales across our Energy Systems business in the UK and Irish market, where DNV supports the acceleration and risk management of the energy transition. He has a strong technical background, with experience from across the whole of the Energy System. Please get in touch with Tim to arrange a chat about how DNV can support you.
Scaling renewables
Scaling renewables is key to accelerating the energy transition. What are the challenges, opportunities, technologies, and solutions to help us get there?
New Power Systems report
Wind and solar will supply nearly 70% of global electricity by 2050. Read this report to explore the consequences of a rapidly changing power system.
Future-proof renewables revisited
This report revisits the 2018 paper ‘Future-Proof Renewables – Implications of a High Percentage of Solar and Wind in the Power System’.
Energy Transition Outlook 2024
What will the global energy mix look like in 2050? How are offshore wind, CCS, and hydrogen evolving? Our Energy Transition Outlook offers forecasts and answers to these and more.
Decarbonizing oil and gas
Despite targets to halve emissions by 2030 and achieve net zero by 2050, hydrocarbons will remain an integral part of the energy mix for the foreseeable future. However, innovative new technologies and methodologies are helping the oil and gas industry reduce emissions.
The race to catch carbon
This report explores the factors driving the growth of carbon capture, utilization, and storage (CCUS), and why it's essential for CCUS to expand more rapidly than currently forecasted.
Hydrogen
DNV is helping to change the timeline from hydrogen on the horizon to hydrogen in homes, businesses, and transport systems.
Cutting the entire energy value chain with software solutions
Decarbonize safely, reliably, and with confidence.
ESG, decarbonization and sustainable finance
With all eyes on finance at COP29, delivering realistic pathways at country and grassroots level is critical to enabling positive climate action.
Fuelling your sustainability strategy with climate finance
This article explores the tools and tips that businesses can utilize to ensure that ESG strategies are supported by financial and investment decisions.
Focusing on emerging markets: the role of sustainable finance in Brazil’s infrastructure
With only 8% of Brazil’s rail system electrified, this paper explores using sustainable financing mechanisms to further support Brazil in transitioning its metro and rail infrastructure to become more sustainable.
Japan’s Climate Transition Bonds
See how DNV assisted Japan’s national government enabling them to issue the first Climate Transition Bond.
AI and digitalization
Digital transformation is essential for driving the energy transition. As future energy systems grow increasingly complex, only the effective implementation of digital technology – including AI - can manage this complexity.
AI spells opportunity and manageable risk for the oil and gas industry
The use of AI in the oil and gas industry is growing as more operators digitalize for cost efficiency and lower carbon emissions during production, transmission, and distribution.
Artificial intelligence: Building trust and compliance into AI-enabled systems
Insights, resources, and advice on trustworthiness and compliance for AI designers and developers and organizations deploying or using AI systems.
Digital Trust insights
Read publications featuring expert opinions and perspectives from DNV specialists, customers, and industry leaders on the key challenges and opportunities of digitalization across industries.