Exxon Mobil Corp. sees the world failing to reduce emissions fast enough to limit global warming to 2C (3.6F) above pre-industrial norms by 2050 due to soaring economic growth, particularly in developing countries.

Energy-related CO2 emissions will fall to 25 billion metric tons by 2050, a drop of more than 25% from a peak expected this decade, the Texas oil giant said Monday in its annual Energy Outlook. That level of emissions is still more than twice the 11 billion tons needed to meet the Intergovernmental Panel on Climate Change’s 2-degree scenario, Exxon said.

“The world’s ability to reduce these emissions by 25%, even as the global economy grows by more than 100%, is a testament to the significant progress expected to be made,” Exxon said. “Even so, more is needed to hit the emission-reduction levels required to keep global temperature increases below 2C.”