October 30, 2023

Conflicting Reports About Fossil Fuel Demand

In its annual “World Energy Outlook” report, which was released last week, the International Energy Agency (IEA) predicted global oil, gas, and coal demand will peak by 2030 as countries shift to cleaner energy sources and as China’s economic growth slows. As a result, the IEA predicted energy-related carbon dioxide emissions will peak within the next few years.

The IEA also predicted renewables will make up nearly 50 percent of global electricity by 2030, an increase from about 30 percent annually right now, and that there will be almost 10 times as many electric cars on the road by the end of the decade than there are today. “The transition to clean energy is happening worldwide and it’s unstoppable,” IEA Executive Director Fatih Birol concluded.

Read the full report here.

Other international organizations disagree with these assessments, however.

As Reuters noted, the IEA report conflicted with the view of the Organization of Petroleum Exporting Countries, which has predicted that oil demand will keep rising beyond 2030, necessitating new investment in fossil fuel production projects.

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