{"id":188181,"date":"2023-10-24T20:00:17","date_gmt":"2023-10-24T20:00:17","guid":{"rendered":"https:\/\/newsneednews.com\/?p=188181"},"modified":"2023-10-24T20:00:17","modified_gmt":"2023-10-24T20:00:17","slug":"global-demand-for-oil-gas-and-coal-to-peak-this-decade-iea-says","status":"publish","type":"post","link":"https:\/\/newsneednews.com\/lifestyle\/global-demand-for-oil-gas-and-coal-to-peak-this-decade-iea-says\/","title":{"rendered":"Global demand for oil, gas and coal to peak this decade, IEA says"},"content":{"rendered":"<h3>Save articles for later<\/h3>\n<p>Add articles to your saved list and come back to them any time.<\/p>\n<h3>Key points<\/h3>\n<ul>\n<li>IEA view on oil demand outlook in contrast to OPEC<\/li>\n<li>Sees China\u2019s role in affecting global energy market changing<\/li>\n<li>Says supply surge could lead to LNG glut from 2025<\/li>\n<\/ul>\n<p><strong> London:<\/strong> World fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China\u2019s economy grows more slowly and shifts towards cleaner energy, the International Energy Agency said, undercutting the rationale for any rise in investment.<\/p>\n<p>The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organisation of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.189%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0\/t_crop_custom\/q_86%2Cf_auto\/34fb0349e8dc913da9cacd6212294dd1220305a0\" height=\"390\" width=\"584\"><\/p>\n<p><span>Wangting Power Plant in China\u2019s Jiangsu province. The IEA sees China\u2019s role as a key source of energy demand growth changing.<\/span><cite class=\"ojLwA\"><span>Credit: <\/span>Bloomberg<\/cite><\/p>\n<p>In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments\u2019 current policies \u2013 the first time this has happened.<\/p>\n<p>\u201cThe transition to clean energy is happening worldwide and it\u2019s unstoppable. It\u2019s not a question of \u2018if\u2019, it\u2019s just a matter of \u2018how soon\u2019 \u2013 and the sooner the better for all of us,\u201d said IEA Executive Director Fatih Birol.<\/p>\n<p>\u201cGovernments, companies and investors need to get behind clean energy transitions rather than hindering them.\u201d<\/p>\n<p>A chart in the IEA\u2019s report showed world demand for the three fossil fuels peaking by 2030. While coal use enters a steep decline after 2030, gas and oil use remains close to peak level for the next two decades.<\/p>\n<p>Still, the IEA also said as things stand, demand for fossil fuels is set to remain far too high to keep within reach the Paris Agreement goal of limiting the rise in average global temperatures to 1.5 degrees Celsius.<\/p>\n<p>\u201cThis risks not only worsening climate impacts after a year of record-breaking heat, but also undermining the security of the energy system, which was built for a cooler world with less extreme weather events,\u201d the agency said in a statement.<\/p>\n<h3>China\u2019s role changes<\/h3>\n<p>By 2030, the IEA expects there to be almost 10 times as many electric cars on the road worldwide, and it cited policies supporting clean energy in key markets as weighing on future fossil fuel demand.<\/p>\n<p>For example, the IEA now expects 50 per cent of new US car registrations will be electric in 2030, up from 12 per cent in its outlook two years ago, largely as a result of the US Inflation Reduction Act.<\/p>\n<p>The IEA also sees China\u2019s role as a key source of energy demand growth changing.<\/p>\n<p>While China in the last decade accounted for almost two-thirds of the rise in global oil use, the momentum behind its economic growth is ebbing and the country is a \u201cclean energy powerhouse,\u201d the report said, adding more than half of global electric vehicle sales in 2022 were in China.<\/p>\n<p>The IEA said the key to an orderly transition is to scale up investment in all aspects of a clean energy system, rather than in fossil fuels.<\/p>\n<p>\u201cThe end of the growth era for fossil fuels does not mean an end to fossil fuel investment, but it undercuts the rationale for any increase in spending,\u201d the IEA report said.<\/p>\n<p>An OPEC report earlier this month said calls to stop investments in new oil projects were \u201cmisguided\u201d and \u201ccould lead to energy and economic chaos\u201d.<\/p>\n<p><strong>Reuters<\/strong><\/p>\n<h2>Most Viewed in Environment<\/h2>\n<h3>From our partners<\/h3>\n<p>Source: <a href=\"https:\/\/www.theage.com.au\/environment\/climate-change\/global-demand-for-oil-gas-and-coal-to-peak-this-decade-iea-says-20231025-p5eesb.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Save articles for later Add articles to your saved list and come back to them any time. Key points IEA<\/p>\n","protected":false},"author":2,"featured_media":188180,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global demand for oil, gas and coal to peak this decade, IEA says - News Need News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsneednews.com\/lifestyle\/global-demand-for-oil-gas-and-coal-to-peak-this-decade-iea-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global demand for oil, gas and coal to peak this decade, IEA says - News Need News\" \/>\n<meta property=\"og:description\" content=\"Save articles for later Add articles to your saved list and come back to them any time. 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