getting real about the energy future—in a world where 750 million people still lack electricity

2 min read | may 13, 2025

Speaking to policymakers and CEOs from around the globe, Mark Nelson, Chevron vice chairman, discussed how to meet the growing global demand for energy.

Mark Nelson, Chevron vice chairman, recently spoke with Semafor co-founder and CEO Justin B. Smith about the need for commonsense energy policy and how Chevron powers innovation.

Companies across many industries are working to develop reliable, affordable, lower carbon intensity energy solutions. Still, today, three-fourths of a billion people live without electricity. Mark Nelson, Chevron vice chairman, highlighted this reality during a recent talk at the Semafor World Economy Summit in Washington, D.C. He also stressed that energy demand is likely to grow by 10% by 2050, so working to ensure that future generations have access to energy is vital.

And Chevron is playing a key role in these efforts: “We’re growing domestic production. We’re operating more efficiently,” said Nelson. “We’ve reduced our methane [emissions] by over 50% in roughly the past decade, and we’re leaning into areas where lower carbon solutions can exist.”

people without electricity

750 million

expected growth in energy demand from 2023 to 2050

10%

Large portions of the world’s population are still unable to access electricity, and demand is expected to grow, according to 2023 data from the International Energy Agency. This points to the need for durable, commonsense policies with a global perspective.

key takeaways:

Planning for the future is a necessity. “We have to provide the energy needed today in the most responsible fashion while we develop an energy system for the future,” Nelson said. “It’s not one or the other. It’s both.”
A mix of solutions is key. Chevron is working to address both today’s needs and future challenges in many ways, including by cutting methane emissions by more than 50% since 2016. The company has become the second-largest U.S. maker of biofuels while also investing in carbon capture and lower carbon energy solutions, as well as funding innovation through Chevron Technology Ventures.
Balance is crucial. “You need policy that balances economic prosperity, energy security and environmental protection,” Nelson explained.
Artificial intelligence (AI) will play a significant role. Nelson highlighted the significant role of AI in the energy sector, and how AI data centers require a lot of reliable and affordable energy. He added that leveraging AI can help providers like Chevron supply energy in a more efficient way.