Global Demand For Fossil Fuels Will Peak By 2030, Says IEA (Image: Pixabay)
The International Energy Agency said that global fossil fuel demand is expected to peak by 2030. In its annual World Energy Outlook (WEO) presented on October 24, the IEA also mentioned that there will be nearly 10 times as many electric cars globally by the end of the decade.
“The share of coal, oil and natural gas in global energy supply – stuck for decades around 80% – starts to edge downwards and reaches 73% in the STEPS by 2030,” the Paris-based agency said in the report. The World Energy Outlook also says that if demand for these fossil fuels remains at a high level, then it is far from enough to reach global climate goals. Also, China is undergoing a significant shift as its economy slows and undergoes structural changes. The report projects that China’s total energy demand will peak around the middle of this decade.
“The transition to clean energy is happening worldwide, and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us,” said Fatih Birol, IEA Executive Director. The latest edition of the World Energy Outlook describes an energy system in 2030 in which clean technologies play a more vital role than today. Faith Birol also added that governments, companies, and investors need to get behind clean energy transitions rather than hindering those initiatives. The IEA report also mentioned that the end of the growth era for fossil fuels does not mean an end to fossil fuel investment, but it undercuts the rationale for any increase in spending.
