Shocking Prediction: Fossil Fuel Demand to Peak Soon, Urgent Action Needed!
IEA warns fossil fuel demand will peak by 2030, a significant step but insufficient to curb global temperature rise to 15°C Urgent action is still required to achieve necessary climate goals
The International Energy Agency stated on Tuesday that there is a promising but insufficient expectation that the global demand for oil, natural gas, and coal will reach its peak by 2030. This development will not effectively restrict the increase in global temperatures to 1.5 degrees Celsius. Additionally, the IEA highlighted that pollution caused by the energy sector, contributing to the warming of the planet, is projected to reach its peak in the next decade.
"However, ensuring the achievement of the crucial objective of capping global warming at 1.5 degrees Celsius necessitates swift global collaboration," emphasized Fatih Birol, the director of the agency.
Experts acknowledge that surpassing the 1.5-degree threshold would result in dire consequences, including but not limited to severe heatwaves, flooding, prolonged droughts, rampant wildfires, as well as scarcity of food and water. The European Union's Copernicus Climate Change Service confirms that this summer in the Northern Hemisphere has been recorded as the hottest in history.
The IEA wrote that since the release of the "Net Zero Roadmap" report in 2021, there has been significant expansion in solar power capacity and a surge in electric vehicle sales. Both industries are on course to achieve net-zero carbon emissions by the mid-century. The organization also stated that over 80% of the necessary emissions reductions by 2030 can be attained by expanding renewable energy sources, enhancing electrification, improving energy efficiency, and reducing methane emissions.
However, limiting global warming presents a significant challenge. The International Energy Agency (IEA) has stated that investments in clean energy worldwide need to more than double, going from the projected $1.8 trillion for this year to $4.5 trillion annually by the early 2030s. Additionally, in order to stay on track for the goal of 1.5 degrees, nearly all countries must accelerate their target dates for achieving net-zero carbon emissions. Furthermore, by 2030, there needs to be swift advancements in carbon capture, utilization and storage (a set of technologies that prevent carbon from entering the atmosphere at the source of pollution), hydrogen-based energy, and biofuels.
