Global demand for fossil fuels will peak in six years, according to international energy watchdog IEA.
It said there had been an “unstoppable” shift to cleaner, greener energy, but warned the transition would not happen fast enough.
Energy organization headquartered in Paris Global Energy Forecast According to the report, research shows that this decade saw the first surge in demand for oil, natural gas and coal.
“The transition to clean energy is happening all over the world and it cannot be stopped. “It’s not a matter of ‘if’, but ‘how soon’ – and the sooner the better for all of us,” said Fatih Birol, executive director of the IEA.
He warned that despite the growth of renewable energy, the world would still need twice as much investment in fossil fuels to successfully achieve net-zero targets. “Governments, companies and investors should support, not hinder, the transition to clean energy.”
In an apparent criticism of the UK government, Mr Birol said that “claims that oil and gas are safe options for the world’s energy and climate future appear weaker than ever.”
Last month, Britain controversially approved development of the Rosebank oil field, the largest undeveloped oil field off the Scottish coast.
Coal demand will decline sharply after 2030, but oil and gas demand will remain close to peak levels for the next 20 years, according to the IEA.
He warned that demand would remain too high to meet the Paris climate agreement’s goal of limiting the rise in average global temperatures to 1.5 degrees Celsius.
“Not only does this risk exacerbating climate impacts after a year of record heat, but it also undermines the security of an energy system designed for a cooler world with fewer extreme weather events,” the report said.
An IEA report estimates there will be almost ten times more electric vehicles on the world’s roads. Half of new vehicles registered in the U.S. are projected to be electric by 2030, up from 12 percent predicted two years ago. According to the report, the increase will come thanks to the US Inflation Reduction Act, which supports green energy projects.
Ed Miliband, Labour’s shadow energy secretary, said: “This report is further evidence that Rishi Sunak’s abandonment of a clean energy future for Britain is wrong and will mean higher bills and less energy security.”
“Failure to combat climate change will send the wrong message to the world at a time when the power of our example can show that clean energy means lower bills for families, energy independence for our country, more jobs and protection for future generations.”
The Department for Energy Security and Net Zero said in response to the IEA report that the Independent Committee on Climate Change accepted that oil and gas will remain part of the UK’s energy mix on the path to net zero emissions.
Source: I News
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