Emissions from the power sector will lead to the Paris target being missed, according to analysis by management consultancy McKinsey.

The firm expects energy-related carbon dioxide emissions by 2050 to be between 1.5 and two times higher than the level needed to meet the United Nations’ 2C target.

McKinsey expects the target to be missed despite the accelerated development of renewables, electrification and efficiency developments.

The analysis predicts that India, Africa and Asia will lead energy demand growth from 2015-2050, driven by population growth and increasing wealth.

Renewables costs falling

Energy demand from all regions within the Organisation for Economic Co-operation & Development (OECD) will decline, while Chinese demand will peak well before 2050, the firm said.

Falling costs have led McKinsey to predict that global net capacity additions of generation between now and 2050 will be 80% renewables, with renewable energy out-competing existing fossil fuel power stations by 2030.

It also expects the cost of electric vehicles to breakeven in most markets before 2030.

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