Renewable Energy Set to Dominate U.S. and Canada by 2050, Fossil Fuel Demand to Plummet 60%.

The global energy paradigm shift is underway, with renewable energy expected to be the dominant source of electricity in many major developed countries by mid-century. A report from global risk assurance company DNV said that the intrinsic efficiencies brought on by renewable energy will lower the overall cost of energy from 4% today to about 2.5% in 2050 for the United States and Canada. Capital expenditures for renewables will finally overtake fossil fuel by 2040, and domestic demand for fossil fuels to fall by about 60% by midcentury. DNV expects domestic energy expenditure to be cut in half through energy efficiency and a cleaner, more stable energy mix. Currently, fossil fuels account for about 80% of the energy supply in the U.S. and Canada, and natural gas consumption has already reached its peak in North America as well. D NV expects both natural gas and oil exports to remain stable through 2050, a boon to the North American economy, but a bane to global efforts to decarbonize.