PARIS, Nov 4 Reuters French oil major TotalEnergies predicts global oil demand will peak after 2030 in its two most likely energy transition scenarios, neither of which will limit global warming to 2 degrees Celsius in line with the Paris Climate agreement, it said in its annual energy outlook report on Monday.

That39;s primarily due to a growing population, sluggish power grid investments and slowerthanexpected sales of electric vehicles worldwide, according to Sustainability and Strategy Director Aurelien Hamelle.

There are around 4.5 billion people today with insufficient access to energy in the socalled 39;global south39;… If you add to that the expected growth in population to 2050 you would need to multiply current energy production by four to pull them out of energy poverty, Hamelle told journalists at a press conference.

The annual report presented three scenarios current trends, a moderately ambitious momentum scenario, and a rupture scenario aligned to the Paris Agreement.

Total said the world was currently on track to consume 90 million barrels of oil per day in 2050, with demand peaking after 2035.

Under the momentum scenario, oil demand would peak just after 2030 and fall to 70 million barrels per day in 2050.

The Parisaligned scenario would require oil demand to peak before 2030, with consumption falling to 44 million barrels per day in 2050.

What we see clearly is that the United States will lead the pace of the global energy transition, but…