Accelerating switch to renewables could put fossil fuel peak in sight this decade: International Energy Agency

Almost half of the world's electricity could come from emissions-free sources such as wind, solar and nuclear by the end of the decade according to a report from the International Energy Agency .The International Energy Agency projects emissions-free sources will provide half the world's power by 2030Keeping warming to 1.

It acknowledged that the share of coal, gas and oil in the world's energy supply was still about 80 per cent — where it had been for decades — though predicted this would fall to 73 per cent by 2030. Although coal and gas prices have fallen significantly from their 2022 highs, oil prices have recently been rising back towards $US100 a barrel, partly on fears about the war between Israel and Hamas.

To that end, it noted that one in five cars sold in America was now electric compared with one in 25 just three years ago.Similarly, it said that heat pumps were now outselling traditional gas-fired boilers in the European Union — a ratio that was expected to be two-to-one within seven years.The Paris-based group said renewable energy sources were set to contribute 80 per cent of new power capacity by 2030, "with solar … alone accounting for more than half".

But she said this was being imperilled by continued investment in fossil fuels, highlighting how a splurge in new gas production in the wake of Russia's invasion was likely to lead to a "glut" of the fuel in the future, according to the IEA.

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