According to McKinsey & Company’s 2024 Global Energy Perspective, worldwide energy demand is projected to continue growing until 2050, particularly in emerging markets, which offsets energy efficiency improvements in developed countries.
ExxonMobil (NYSE: XOM) and Chevron Corporation (NYSE: CVX) have raised their dividends for 42 and 37 consecutive years, respectively. Currently, their yields are 3.7% and 4.4%. Meanwhile, NextEra Energy (NYSE: NEE), the largest producer of wind and solar energy globally, expects a 55% increase in U.S. power consumption from 2020 to 2040, with a current yield of 3% and a history of 30 consecutive years of dividend raises.
Despite the anticipated growth in renewable energy, McKinsey predicts fossil fuel demand will plateau through the 2030s, maintaining a 39% share of global power generation by 2050.
