S&P Global's latest report indicates that global total energy demand could increase by over 60% from current levels by 2060, primarily driven by emerging economies such as Brazil, India, Nigeria, and Indonesia. This growth will mainly stem from new energy demand fueled by industrialization, urbanization, and rising incomes. The report emphasizes that despite the accelerating expansion of renewable energy, coal, oil, and natural gas will not be phased out quickly and will remain crucial components of the global energy system for decades to come. Dan Yergin, Vice Chairman of S&P Global, stated that oil and gas will be present longer than many anticipate, largely due to constraints faced by emerging economies in their energy transitions, including insufficient funding, inadequate infrastructure, and energy supply security concerns.