The report, launched on 11 September on the sidelines of London International Shipping Week, says the technology available is able to deliver the Paris Agreement climate goals, but only with strongly enforced policies aimed to enhance Nationally Determined Contributions.

The forecast  highlighted that the present energy transition is unfolding under very different technological and mission-orientated policy circumstances than previous transitions, but this is not enough to meet the agreed climate goals, such as Paris Agreement and the IMO ambitious GHG strategy.

Additionally, the Outlook forecasts a rapid energy transition. By mid-century, the energy mix will be split almost equally between fossil and non-fossil sources, with oil declining steeply after 2030, but gas continuing to grow before levelling off at 29% of the energy mix by 2050.

Other key findings suggest that, by 2032, half of light vehicles sold worldwide will be electric vehicles, while the world will spend an ever-smaller share of GDP on energy, allowing for additional investment to further speed up the transition.