With this, it is expected that the main driving forces behind this are from road transportation, maritime and the aviation sectors with no mention of others.

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Another key statistic highlighted within the report also states that the supply of hydrogen, which is currently primarily made up of grey hydrogen, will shift to 60% clean hydrogen by 2035.

This clearly showcases the effort being made across the industry to generate the cleanest variants of the clean energy carrier. This also shows how successful grey hydrogen could be in creating an initial market for hydrogen.

Christer Tryggestad, a Senior Partner at McKinsey, said, “In the past few years, we have certainly seen the energy transition pick up pace. Every year we’ve published this report, peak oil demand has moved closer.

“Under our middle scenario assumptions, oil demand could even peak in the next three to five years, primarily driven by electric-vehicle adoption.

“However, even if all countries with net zero commitments deliver on their aspirations, global warming is still expected to reach 1.7°C. To keep the 1.5°C pathway in sight, even more ambitious acceleration is needed.”