Energy
Tuesday, October 24th, 2023 2:07 pm EDT
Key Points
- Fossil Fuel Peak and Decline: The International Energy Agency (IEA) predicts that demand for oil, coal, and natural gas will peak before the end of this decade, causing the share of fossil fuels in the world’s energy supply to drop to 73% by 2030, down from around 80% where it has been for decades.
- Rise of Clean Energy: A transformative shift is underway in global energy systems, driven by the significant growth of clean energy technologies such as wind, solar, heat pumps, and electric cars. The use of these technologies is increasing rapidly and contributing to a reduction in energy-related carbon dioxide emissions.
- Need for Stronger Climate Efforts: While these shifts are promising, the IEA emphasizes that more efforts are required to limit global warming to the 1.5 degrees Celsius target set by the Paris Agreement. The transition to clean energy is deemed unstoppable, but governments, companies, and investors need to support and accelerate clean energy transitions to address climate change effectively. The report is released ahead of the COP28 climate change summit, highlighting the urgency of the climate challenge.
The International Energy Agency (IEA) has stated that demand for oil, coal, and natural gas is expected to peak before the end of the decade, with the fossil fuels’ share in the world’s energy supply dropping to 73% by 2030. This shift is attributed to the “phenomenal rise of clean energy technologies” like wind, solar, heat pumps, and electric cars. Energy-related carbon dioxide emissions are also predicted to peak by 2025. However, the IEA emphasized that more efforts are required to limit global warming to the 1.5 degrees Celsius target of the Paris Agreement. The IEA sees a significant increase in electric cars on the road by 2030 and renewables’ share of the global electricity mix nearing 50%. Although the transition to clean energy is underway, governments, companies, and investors must support and accelerate this shift to address climate change effectively. The report is released ahead of the COP28 climate change summit, with the IEA’s findings highlighting the urgency of addressing global warming.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/24/demand-for-fossil-fuels-set-to-peak-by-2030-but-its-not-enough-iea.html
