Over the past few years, there’s been plenty of buzz around the time when global oil demand will hit its highest before entering terminal decline. Some bearish energy agencies like the IEA have predicted that the zenith is nigh while other more bullish ones like the EIA say that point is decades away. Indeed, peak oil demand is expected to be the bone of contention when COP28 is held in the United Arab Emirates from 30 November until 12 December 2023.
However, not much has been said about the real elephant in the room whether or not the global energy transition is bearing fruit in the effort to cut greenhouse gas emissions to avert dire climate change scenarios. Well, several energy and climate experts have weighed in, and the prognosis is good for clean energy buffs. Norwegian energy consultancy Rystad Energy says the world is very close to the inflection point for fossil fuel carbon dioxide CO2 emissions, with the firm predicting emissions will peak in just two year
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