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2019 Outlook for Energy: a Perspective to 2040

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DUAL CHALLENGE 2019 Outlook for Energy: A perspective to 2040 2019 OUTLOOK FOR ENERGY P.3 The 2019 Outlook for Energy is ExxonMobil’s latest view of energy demand and supply OUTLOOK FOR ENERGY: through 2040. For many years the Outlook has helped inform ExxonMobil’s long-term A PERSPECTIVE TO 2040 business strategies, investment plans and research programs. Building a perspective The Dual Challenge ExxonMobil supports the Paris Agreement Technologies, policies and individual consumer choices continuously evolve - which As energy is essential for human development, society faces a dual challenge: to The Paris Agreement1 on climate change declared governments’ intentions to is why we update the Outlook for Energy annually. Each year, the Outlook team provide reliable and affordable energy to a growing population, while reducing reduce greenhouse gas (GHG) emissions as outlined in each country’s nationally considers various sensitivities and third party scenarios from peer reviewed work to environmental impacts, including the risks of climate change. determined contribution (NDCs). Many states, cities and businesses, including improve our understanding of the energy landscape. ExxonMobil, expressed support for the aims of the agreement. Our own climate The Outlook aims to provide a realistic view of the future based on likely trends in A significant portion of the world’s population remains energy-deprived, facing change risk management strategy is described in ExxonMobil’s Energy & Carbon technology, policy, consumer preferences, geopolitics and economic development. living conditions that would be considered dire by most people in developed Summary, which can be found at exxonmobil.com. countries. Access to modern energy improves a community’s quality of life; it is The Outlook reflects the world as we expect it will be and provides a basis to closely correlated to increased life expectancy, reduced poverty and malnutrition, Based on the Outlook and third-party reports, including the 2018 Emissions Gap evaluate both aspects of the dual challenge. Based on the Outlook, we conclude and higher levels of childhood education. Report from the United Nations Environment Programme, we expect that the that the world is likely to meet, in aggregate, the 2030 Paris pledges with o world is likely to meet, in aggregate, the 2030 Paris Agreement pledges with continued focused efforts, but is probably not on a 2 C pathway. The conclusion o As growing populations gain increased access to energy, rising living standards in continued focused efforts, but further work is needed for the world to accelerate that the current NDCs are probably not sufficient to reach a 2 C pathway, 2 many parts of the world will create the largest expansion of the global middle class progress toward a 2oC pathway.2 consistent with other reports , indicates further work is needed for the world to in history, meaning more demand for homes, transportation, electricity, consumer change course towards a 2oC pathway. goods and the energy to power them all. The challenge is to satisfy this growing Our 2019 Outlook, like the 2018 Outlook, includes a section, “Pursuing a 2oC o demand, while reducing the risks of climate change. Pathway”, utilizing third-party, peer-reviewed work coordinated by the Energy The 2019 Outlook, like the 2018 Outlook, includes a section, “Pursuing a 2 C Modeling Forum at Stanford University3. The discussion in this section highlights Pathway”, utilizing third-party, peer reviewed work coordinated by the Energy 3 Building a perspective the need for enabling technologies and policies, a role for all primary energy Modeling Forum at Stanford University to explore potential pathways toward a o sources, and the continued need for focused investments, including in oil and 2 C climate goal. The discussion in this section highlights the need for enabling The Outlook provides a projection of energy demand through 2040 using the natural gas. technologies and policies, a role for all primary energy sources, and the continued International Energy Agency (IEA) and other credible third-party sources as a need for focused investments, including in oil and natural gas. foundation. The projection is based on likely trends in technology, policy, consumer We believe technology holds the greatest potential to help society address the dual preferences, geopolitics and economic development. While these individual trends challenge. Technology has already significantly improved energy efficiency and The dual challenge is real and addressing it has ramifications for every nation’s may vary over time, the snapshot provided by the Outlook can help to evaluate helped to unlock diverse and abundant sources of energy. To address the dual economic, energy security and environmental goals. It is significant for businesses society’s progress toward addressing both aspects of the dual challenge. challenge, no technology or energy type can be ignored. Instead, the world must and households, too. Energy solutions can vary by circumstances and over time. harness a variety of energy sources and technology advances, guided by policies Different perspectives offer different ideas on how to best approach the challenge. As these trends evolve, we continue to discuss our approach and conclusions with that fully reflect the costs and benefits, consumer preferences and the need to By sharing our Outlook with the public, we seek to broaden understanding of the numerous stakeholder groups, economists and policy experts. The Outlook team provide affordable energy to all. world’s energy system and enrich the dialog on practical, robust solutions. also considers various sensitivities and third-party scenarios from peer-reviewed Progress toward tackling the dual challenge requires thoughtful and meaningful work to improve our understanding of the energy landscape. Progress toward tackling the dual challenge requires thoughtful and meaningful action by everyone - policy makers, business leaders, technologists and consumers action by everyone - policymakers, business leaders, technologists and consumers. alike. ExxonMobil is committed to doing our part. As one of the world’s premier Addressing the dual challenge will have ramifications for every nation’s economic, ExxonMobil is committed to doing our part. As one of the world’s premier energy energy and technology companies, we are well-positioned to continue providing energy security and environmental goals. By sharing our Outlook with the public, and technology companies, we are well-positioned to continue providing safe, safe, reliable energy today and effective solutions to meet the word’s future energy we seek to broaden understanding of the world’s energy system and enrich the reliable energy today and effective solutions to meet the word’s future energy needs - all while reducing environmental impacts and mitigating the risks of climate dialogue on practical, robust solutions. needs - all while reducing environmental impacts and mitigating the risks of change. climate change. Energy matters to everyone and we all play a role in shaping its future. Energy matters to everyone and we all play a role in shaping its future. Visit exxonmobil.com/energyoutlook Subscribe to energyfactor.com Follow @exxonmobil Follow facebook.com/exxonmobil 2019 OUTLOOK FOR ENERGY P.4 KEY TAKEAWAYS OF 2040 PROJECTIONS 5. Commerce and trade drive transportation energy consumption up more than 20% Energy is fundamental for modern life Commerce and trade drive transportation energy consumption up more than 25 percent Increased on-road efficiency and more EVs, will lead to a Access to modern energy is intrinsically linked with improvements in decline in light duty vehicle fuel demand. Overall quality of life. Over the next few decades, increasing populations and Increased on-road efficiency and more electric vehicles will lead to a transportation fuel demand growth is driven by increased rising prosperity will increase demand for homes, businesses and decline in light-duty vehicle liquid fuel demand. Overall transportation commercial activity - moving more people and products transportation - and the energy that powers them. fuel demand growth is driven by increased commercial activity - by bus, rail, plane, truck and marine vessel. Energy-dens, moving more people and products by bus, rail, plane, truck and marine affordable and widely available oil will remain the premier Global energy demand rises by 20 percent; market vessel. Energy-dense, affordable and widely available oil will remain transportation fuel demand trends differ for OECD and non-OECD the predominant transportation fuel. 6. Global Energy related CO2 emissions peak, but Continued innovation will help OECD economies expand while remain above assessed 20C scenarios reducing their energy demand by about 5 percent and energy-related Increased energy efficiency and a shift to lower carbon Global energy-related CO2 emissions peak, but remain CO2 emissions by nearly 25 percent. In the non-OECD countries above assessed 2oC scenarios energy sources will help curb CO2 emissions, but not however, energy use and emissions will rise along with population sufficiently to reach a 2oCpathway. Creative technology growth, increased access to modern energy and improving living Increased energy efficiency and a shift to lower carbon energy sources solutions are expected on both supply and demand sides, o standards. will help curb CO2 emissions, but not sufficiently to reach a 2 C but more effort is still needed. pathway.2
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