yes

You may find some answers in the following papers:

Al-Maamary, Hilal MS, Hussein A. Kazem, and Miqdam T. Chaichan. "The impact of oil price fluctuations on common renewable energies in GCC countries." Renewable and Sustainable Energy Reviews 75 (2017): 989-1007.

Al-Maamary, Hilal MS, Hussein A. Kazem, and Miqdam T. Chaichan. "Climate change: the game changer in the Gulf Cooperation Council region." Renewable and Sustainable Energy Reviews 76 (2017): 555-576.

The growth in the world economy will require more energy, particularly power in the form of electricity to guarantee the functioning of the different industries, hospitals, cinemas, theaters, universities, and service centers, to mention a few examples. Even though the consumption of nonfossil fuels is expected to grow faster than the use of fossil fuels, this last type of energy source is still expected to account for 78% of energy consumption in 2040, according to the International Energy Outlook 2016 with Projection to 2040 report.

Since 1970, the world has seen rapid growth in energy demand, mainly satisfied by fossil fuels and centralized power generation, according to the World Energy Council, World Energy Issues Monitor (2019). However, the future is expected to be different: the role of fossil fuel in the energy mix of several countries during the coming decades will be lower than today and, at the same time, the role of renewables in the energy mix of these countries will be higher. In some cases, the role of renewable in the energy mix of a limited number of countries will be much higher than it is today. The future use of nuclear energy for electricity generation is today unclear. Only Asia has serious plans for the increased use of this type of energy source for electricity generation. Other regions are debating whether to continue the use of nuclear power plants for electricity generation or the closure of these power plants during the coming years.

In any case, renewables will not substitute the use of fossil fuels for electricity generation at the world level and could reach 22% of energy consumption in 2040.

Can renewable energy replace fossil fuels? It may be possible to make a big turnaround by replacing fossil fuels with renewable energy, provided there are concerted efforts and highly dedicated actions/ strategies worldover, irrespective of their development status. Given the scale and magnitude of the use of the fossil fuels in the past as well as the continuance of the trend (from a business as usual scenario) in the contemporary development scenario on the one side; and the extent of generation of renewable energies, it may be appear to be a daunting and might call for waiting longer years to strike a balance initially and achieve a situation of renewable energy outpacing the usage of conventional fossil fuel energy sources.

In addition to what has been said, in very few countries, the use of renewable will replace the use of fossil fuels for electricity generation. In other countries, mainly in the developed world, could be higher than 50%, and in some others will be below 50%. The majority of the countries in the developing world will be included in this last group.

Dear Muhammad Khalid Saeed, I don't think it's possible that renewable energies can totally replace fossil fuels. Therefore, in principle, I agree with the analysis and the scenario described by Jorge Morales Pedraza. However, I believe that the only inexhaustible source of energy in the world will be, in the near future (by the end of this century), hydrogen to be used as fuel for the current thermal engines or fuel cell electric motors or for the production of the electric energy, and for the production of the same hydrogen by electrolysis. The enormous amount of "heat" necessary to produce the electrical energy necessary for all the aforementioned needs (hydrogen production, industries, transport, public lighting, domestic consumption, etc.) will be produced by nuclear fusion of hydrogen, which is a "clean" nuclear reaction, in the sense that it does not emit almost no radiation. The first experimental prototype of a controlled nuclear fusion plant is already under construction in Cadarache in France through the International Thermonuclear Experimental Reactor (ITER) project for a cost of about € 20 billion. In addition to the EU participate in the project: China, South Korea, Japan, India, Russia, and the United States. ITER's primary objective is to develop the technology necessary to obtain nuclear fusion energy. ITER results will be used for the next two projects called DEMO and PROMO. ITER started in 2005 will give the first results by 2020-21, while the results of DEMO and PROTO will arrive by 2040 then the first nuclear fusion power plant will be built for the industrial production of electricity.