Stronger Policies Needed For Global Net Zero Goals, Says IEA

The International Energy Agency IEA just released its World Energy Outlook 2023 report. The full report may be found here. Perhaps the most noteworthy prediction from the report is of peak demand for fossil fuels within this decade. However, it is important to note that coal is the only fossil fuel projected to decline over the next decade under the IEA’s Stated Policies Scenario. Global coal consumption is projected to decline by 13.

Electricity emerges as the “fuel” of the future, with its share of final consumption rising from 20% in 2020 to 28% in 2030. Transportation electrification also progresses quickly. Oil demand flattens out in the 2030s but still remains around 100 million barrels/day through 2050 without major policy changes. Natural gas demand grows 40% by 2050, while coal use declines. Under the more ambitious Net Zero Emissions scenario, renewables soar to over 60% of generation by 2050.

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