S&P Global Report Projects 60% Surge in World Energy Demand by 2060, Driven by Emerging Economies

Global energy consumption could climb roughly 60% by 2060, with much of that growth concentrated in developing economies, according to a new outlook from S&P Global covered by OilPrice. The report points to rapid industrialization and rising living standards in countries including Brazil, India, Nigeria, and Indonesia as the primary engines of the projected increase.

Governments in these markets are working to scale up renewable energy capacity to meet expanding needs, but the S&P Global analysis suggests that renewables alone are unlikely to keep pace with demand growth. The report characterizes the buildout as an “all-of-the-above” approach — meaning a mix of generation sources — which would extend the role of oil and gas well into the second half of the century. In industry terms, that implies continued investment across the full value chain: upstream production (exploration and extraction), midstream transport and storage, and downstream refining and distribution.

The projected demand trajectory matters for producers, exporters, and infrastructure developers alike. Import-dependent nations such as India and Indonesia face the dual challenge of securing supply volumes while also building domestic generation capacity, while resource-holding countries like Brazil and Nigeria have opportunities to expand both domestic output and export revenues.

Companies positioned across the energy supply chain are watching these long-term demand signals. One smaller-cap name in the sector, INDO, traded at $3.11 in recent trading, up 0.42% from its previous close of $3.10, with a market capitalization of roughly $47.9 million. Broader market implications of the S&P Global outlook — from liquefied natural gas trade flows to grid infrastructure spending — remain a focal point for energy analysts tracking multi-decade demand scenarios.

The report does not project a single energy mix, but its framing underscores a persistent theme in long-term energy modeling: even aggressive renewable deployment in emerging markets has historically run alongside, rather than instead of, expanded fossil fuel use, as economic growth outpaces the pace of clean capacity additions.

What to watch

• Follow-up S&P Global publications detailing regional breakdowns of the 2060 demand projection
• Upcoming quarterly earnings from international oil and gas producers with emerging-market exposure, including commentary on long-term demand assumptions
• Renewable capacity targets and installation milestones announced by Brazil, India, Nigeria, and Indonesia
• LNG contract announcements and import agreements from fast-growing Asian and African economies

Source: original release