The International Energy Agency’s chief said on Tuesday that global demand for oil, gas, and coal is expected to peak this decade for the first time.
The IEA’s annual World Energy Outlook, expected out next month, will demonstrate that the world is on the cusp of a historic turning point, according to executive director Fatih Birol.
“The shift will have implications for the battle against climate change as it will bring forward the peak in greenhouse gas emissions”, Birol stated.
Based on government policies worldwide, demand for the three fossil fuels is “set to hit a peak in the coming years”, Birol said.
“This is the first time that a peak in demand is visible for each fuel this decade”, he said, adding that it was happening sooner than expected.
Because of the rise of electric vehicles, oil demand is likely to peak before 2030.
Oil demand is expected to peak before 2030 thanks to the growth of electric vehicles.
Gas demand in industrialized nations will fall later this decade as heat pumps and renewable energy become more popular, and Europe will migrate away from Russian supplies as a result of the Ukraine war.
He noted that coal usage will peak in the next few years, citing dwindling investment in fossil fuel as well as the expansion of renewable energy and nuclear power in top consumer China.
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