ExxonMobil released its Global Outlook, which is the company’s view of supply and demand dynamics through the year 2050. The outlook discusses human population trends and the growing need for energy, as well as the future of lower-emission energy sources.

A team of in-house analysts, engineers and economists put together the Global Outlook, according to Chris Birdsall, director of energy and economics at ExxonMobil. They looked at growth trends, technology developments and government policies to project how global markets are likely to evolve over time.

The oil and gas company highlighted a few major insights from its projections:

• It predicts that the global population will increase by about 2 billion, making the total population around 10 billion. Additionally, global GDP per capita—measured as purchasing power per person—is expected to rise by roughly 85%.
• To support the growing population and rising living standards, the company predicts 15% more energy will be needed.
• The Global Outlook predicts that energy from solar and wind will more than quintuple, increasing from 2% of the world’s supply to 11%, while coal will increasingly be displaced by lower-emission sources of energy production (renewables and natural gas). Electricity use will grow by 80%.
• CO2 emissions will decline 25%, according to its projections, however larger reductions will be necessary to keep the global temperature increases below 2° Celsius, according to the UN IPCC.
• Its projections show that over 50% of energy demand will still be met by oil and natural gas, especially in industrial processes and heavy-duty transport like shipping, long-haul trucking and aviation.

In July, ExxonMobil purchased Denbury, a carbon solutions company, for nearly $5 billion. Reuters reported that “the deal builds out Exxon's plan to develop an emerging market that makes money from reducing its own and others' greenhouse gases.”