Canada needs to move faster on renewable energy as a new international energy outlook forecasts demand for all fossil fuels will peak in seven years, Energy Minister Jonathan Wilkinson said Wednesday.
It said that renewables will account for nearly half the world’s electricity supply by that year, and solar power alone will account for more energy than is currently produced by the entire U.S. electricity system.But that forecast had depended on scenarios that saw most countries adopt stronger policies. He said this is the first time the agency is predicting a 2030 peak even if no country lifts another finger on climate action.
Wilkinson said China has been strategically investing in renewable technologies for years and is now the world’s largest supplier of clean technology, electric vehicles and critical minerals. Canada’s biggest oil sands producers are planning to invest in technology that traps some of their emissions and funnels them back underground, but they differ with the federal government on how quickly they can lower their emissions.
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