Global demand for oil, natural gas and coal — and the carbon pollution they generate — are expected to peak later this decade, according to a new report by the International Energy Agency.
Driving the shift will be the “phenomenal rise” of clean sources of energy, the Paris-based agency said in its annual World Energy Outlook report, published Tuesday. The agency said it expects there to be nearly 10 times as many electric cars on the road globally by the end of the decade, and for renewables to account for almost half of the global energy mix, up from 30% today. Slowing growth in China will also depress demand for fossil fuels.
“The 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,” the agency said in its report. In the near term, oil prices could be driven much higher by the war triggered by the brutal attack by Hamas on Israel on October 7. Brent crude, the global benchmark, has gained nearly 7% since then.
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