Growth in emerging economies could push total global energy demand up by more than 60% by 2060, according to an S&P Global study reported by OilPrice.com. The expansion is expected to require a broad range of energy supplies, keeping oil and gas in use even as developing countries increase renewable capacity.
Brazil, India, Nigeria and Indonesia are among the countries seeking to raise domestic energy production and imports to support rapid economic development, OilPrice.com reported. S&P Global vice chairman Dan Yergin said renewables would make an important contribution to meeting that demand, but coal could also play a larger role. He expects oil and gas to remain part of the supply mix for longer than many anticipate.
The outlook comes despite strong gains in renewable generation across emerging markets. According to OilPrice.com, 63% of emerging markets in Africa, Asia and Latin America drew a greater share of their electricity generation from solar than the United States at the end of 2025. The outlet identified Brazil, Chile, El Salvador, Morocco, Kenya and Namibia among countries advancing faster than the US in their clean energy transitions.
China’s manufacturing capacity has helped make that expansion possible by supplying cheaper clean energy equipment. OilPrice.com linked a recent surge in solar installations in developing countries to those supplies, alongside oil and gas market volatility associated with the closure of the Strait of Hormuz. However, lower equipment costs do not eliminate the substantial investment needed in countries without established clean energy industries.
The report also highlighted tensions over how poorer countries should fund their energy development. Emerging economies have resisted expectations that they bypass fossil fuels, while promised financial support from wealthy nations has repeatedly fallen short, OilPrice.com said. Citing a Marketplace interview with Katie Auth, deputy executive director at the Energy for Growth Hub, the outlet noted that countries cannot postpone expanding their energy systems while waiting for renewables to become cheaper. Auth linked rising consumption to economic growth, higher incomes and employment, stressing the continuing scale of energy poverty.