Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

Beginning of the End for Fossil Fuels?

This decade signals ‘the beginning of the end’ for fossil fuels with demand for oil, gas and coal beginning to decline.

The International Energy Agency (IEA) has projected that fossil fuel consumption will peak before 2030 and fall into permanent decline as climate policies take effect.

The forthcoming IEA report will show that oil, gas and coal are likely to peak in this decade under existing climate policies. However, according to a report in the Guardian, the forecast downturn is still “nowhere near steep enough” to limit temperature rises to 1.5C above pre-industrialised levels which is considered crucial if we are to avoid the devastating impacts of climate change.

Meanwhile the IEA has reported that for every dollar invested in fossil fuels, USD 1.70 is going to clean energy. The organisation points to the growth in solar which this year is set to attract more capital than global oil production for the first time.

“Renewables, led by solar, and electric cars are at the forefront of the expected increase in global clean energy investment this year. But faster growth is needed in other crucial areas such as efficiency, grids and batteries,” says the IEA.

However, concern has been highlighted about the unevenness of growth in clean energy investment as more than 90% of the increase in recent years is in advanced economies and China.

“Mobilising greater financing for emergy and developing economies is crucial to avoid new dividing lines in global energy.”

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