McKinseyCompanyGlobal EnergyPerspective 2025Geopolitical uncertainty,shifting policies,and increasing demand forpower are reshaping the energy landscape.This year's report presentsour updated view on what's to come in the energy system.ContentsForeword…Executive summary.…Our scenarios and methodology2The forces shaping energy in 2025.The 2025 energy outlook ........Looking ahead....................Our scenarios and methodology ...The forces shaping energy in 2025............9Growing global energy demand ........Sensitivity analysis:What ifa global recession comes in 2027?....Potential changes to GDP..........14Sensitivity analysis:What if India's 2050 GDPper capitamatches China's current GDPper capita?........Supply chain bottlenecks..............16The 2025 energy outlookProjected energy demand........17Expected electrification trends....19Projected fueldemand....23.26How could global coal demand evolve?What's the cost of complete decarbonization of the power sector?....3037Additional contributors......38McKinsey's Global Energy Perspective 2025