According to the International Energy Agency, the decline of oil, gas, and coal is imminent. OPEC has hit back, calling the forecasts ‘alarmist’.
Birol attributes these “remarkable” changes to the diminishing investments in coal outside of China and the growth of clean energy technologies., particularly in China, “demand for various fuels is on track to reach its peak before 2030”, says the IEA chief.
In a strongly worded statement dated 14 September, the producers’ cartel, composed of 13 countries, including seven African nations, challenges Birol’s stance, deeming it “disastrous” for global energy security. According to OPEC’s secretary-general, Haitham Al Ghais of Kuwait, “the IEA is engaging in ideological alarmism that would destabilise the global economy”.. The OPEC warns that announcing “the beginning of the end” of oil and gas may fuel calls to cease investments in oil and gas projects.
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