Renewable energy sources will meet almost half of the global power demand by 2050, according to DNV GL.
The accreditation body said energy-related CO2 emissions will be cut in half as a result.
It also said the world will manage the shift to renewables “without increasing overall annual energy expenditure" with the future energy system requiring a smaller share of GDP.
DNV GL made the predictions in its first Energy Transition Outlook published today.
“The profound change set out in our report has significant implications for both established and new energy companies,” said chief executive Remi Eriksen.
“Ultimately, it will be a willingness to innovate and a capability to move at speed that will determine who is able to remain competitive in this dramatically altered energy landscape.”