Exxon Mobil (XOM) said Thursday the world is "not on track" to meet global emission targets by 2050.

The company said in its latest global energy outlook report that global emissions are expected to fall by 25% by 2050, calling on the need for "more progress."

Exxon said it expects oil and natural gas to make up more than half of the world's energy supply in 2050.

"We project that oil demand will stabilize after 2030, remaining above 100 million barrels per day through 2050. However, demand for natural gas will rise by more than 20% - driven by higher electricity demand in developing countries," the report said.

Solar and wind will grow from 3% today to more than 11% of the world's energy mix by 2050, the company said.

Exxon sees coal contributing 14% of the global energy mix by 2050 as it expects "natural gas will continue to grow and displace coal."

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