Norway-based consultancy DNV has said that fossil fuels will still constitute 50 per cent of the global energy mix by 2050, compared to 80 per cent held for decades, warning that the energy transition is not fast enough for the world to achieve the net-zero target by 2050.

DNV also warned in its latest energy transition report that even if all electricity was ‘green’ from this day forward, the world will still fall a long way short of achieving the 2050 net-zero emissions target of the COP21 Paris Agreement. The agreement was intended to keep global warming to “well below 2°C” and strive to limit its increase to 1.5°C.