Global demand for fossil fuels is expected to peak within seven years as electrification and Russia’s invasion of Ukraine accelerate the push towards renewables and away from gas, the world’s peak energy agency says.
For the first time, the agency said the peak of fossil fuel demand was “visible” in its modelling this decade, thanks to rapid take-up of green technology, including electric vehicles, heat pumps, and solar and wind. The most significant changes in this year’s report include an acceptance that fossil fuel use will remain higher than anticipated as challenges such as supply chain disruption and approvals for new grid infrastructure mount.
This year’s report also notes key differences between now and the early 1970s, when a series of OPEC shocks led to the agency’s creation and wealthy nations scrambled to reduce their reliance on imported energy.
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