The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, the International Energy Agency said on Wednesday. The looming downturn in the use of fuels such as crude oil and natural gas could drive investment into green energy, the agency said in its latest World Energy Outlook.
But the IEA also flagged a high level of uncertainty as conflicts embroil the oil and gas-producing Middle East and Russia, and as countries representing half of global energy demand have elections in 2024. The IEA said such conflicts highlighted the strain on the energy system and the need for investment to speed up the transition to "cleaner and more secure technologies".
A record high level of clean energy came online globally last year, the IEA said, including more than 560 gigawatts of renewable power capacity. Around $2 trillion is expected to be invested in clean energy in 2024, almost double the amount invested in fossil fuels. "In the second half of this decade, the prospect of more ample – or even surplus – supplies of oil and natural gas, depending on how geopolitical tensions evolve, would move us into a very different energy world," IEA Executive Director Fatih Birol said in the release.
China, the world's biggest importer of crude oil, is leading the charge to electrification and is doing so at such a rapid pace it's "wrong-footing" oil producers, the IEA said. China has already achieved 50% market share for electric vehicles in new vehicle sales, a level the rest of the world is likely to reach by 2030, according to the IEA. Under this forecast, the rise of EVs displaces around 6 million barrels per day of global crude oil demand.
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