I think, and I'm... you know, to quote the CEO of Exxon, you know, hydrocarbon is such a marvelous molecule, right? And it's actually being used... first of all, the energy density, you know, it's only nuclear that can match it. And it's being... it has so many purposes globally. You know, we've argued for a long period of time that oil demand has a tendency to follow population growth, and it's pretty smack on actually. And then of course, you know, the incremental growth comes from actually people moving out of poverty to become consumers, which is something one actually should regard a good thing.
I think what surprised most people is that... because when I saw DNV's first kind of, you know, 2050 vision, their energy roadmap, I was surprised on kind of how quickly the renewables was going to come into the market and how quickly adoption of renewable was going to be. And it looked really bearish actually, you know, it kind of... we're going to peak somewhere mid-2030 and then, you know, we're going to decline. But what has actually happened is the energy demand globally has increased at such a tremendous pace that oil's relative market share has... you know, it's kind of... it's remained... you know, in volume is reduced in percentage because the pie has just grown quite a lot.
And I think it probably tells us that, you know, oil and, you know, kind of non-sustainable energy, hydrocarbons, is probably a bit more sticky than people anticipated, but it's basically because the pie is growing so fast. You know, when I was at a presentation back in September where, you know, a fun fact that China's electricity use for computing is now larger than Great Britain's electricity use. So it just tells you how... and I'm not blaming all on AI, but I'm blaming on kind of population growth, people actually moving a little bit further up the consumer chain, and of course this technology change.
Yeah. Just two points I want to highlight the things that you're saying because one of the people I follow a lot in Norway is Toron Hughes, chief economist, been following the oil markets for decades, and he has two points. One, that let's stop talking about energy transition and energy addition because energy just compounds, so it makes sense to talk about the general addition in energy. That's point one. And point two, he said that in Europe the oil demand has been stable for 10 years but the initiatives from EU has been enormous. That says something about the stickiness, right? All those initiatives, demand stable. And he says if you're going to follow the EU, they're going to cut it in 15 years. That seems very unlikely.
So maybe it's just like a common sense to think that we have to sort of think a bit newish in this environment. One would assume.
Yeah. But I also think a lot of people have underestimated, you know, kind of the hydrocarbons part of the global economy. And, you know, kind of the easy target is of course environmentalists protesting in the yellow vest which is made out of petroleum. So, you know, it's kind of, you know, pulling up the umbrella, you know, buying yourself a new iPhone when you go to the hospital, you know, kind of... it's the hydrocarbon is, you know, almost in everything. And as long as we have, you know, kind of we as a race prosper and actually evolve, you know, we like to actually replace this. Of course there's a lot of great initiatives for that, but the volume you need is just tremendous.
