OSLO: Renewable energy will account for a far larger share of global supply in 2050 than major oil companies or the International Energy Agency (IEA) expect, Oslo-based consultancy Rystad Energy said on Thursday.
Its updated models show renewables meeting 74 percent of total energy demand by 2050, compared to 43 percent, 45 percent and 69 percent in the most aggressive scenarios from energy firms Equinor, Shell and BP.
The IEA expects renewables to account for 35 percent of the market by 2040.
The renewed commitment to the Paris climate agreement by the US this year, the growing number of countries with net zero carbon emissions targets for 2050 and renewable technology development have changed the energy landscape, Rystad CEO Jarand Rystad told an online conference on Thursday.
“All previous assessments have to be scrapped and we need to look at it with completely new eyes,” he said.
Rystad Energy sees the sales of battery electric vehicles (BEVs) rising to 64 million by 2030, compared with oil company scenarios ranging from 22 million to 38 million and an IEA estimate of 30 million.
Rising renewable energy output amid falling costs and increasing efficiency of solar panels and wind turbines, as well as sales of electric vehicles have also hastened predictions for peak demand for oil and gas.
Rystad Energy said last month it expected global oil demand to peak at 101.6 million barrels per day (bpd) in 2026, versus a forecast made in November for a peak in 2028 at 102.2 million bpd.
With an increasing share of energy being produced by solar and wind power, the global energy trade, dominated by the fossil fuels today, is going to shrink significantly, it predicts.
“We are going to de-globalize the energy market with the new technologies,” Rystad said at Thursday’s conference.
Renewables set to grow far faster than oil sector
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Renewables set to grow far faster than oil sector
- Models show renewables meeting 74% of total energy demand by 2050
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
