The IEA advocates for a 25% reduction in global fossil fuel demand by 2030 to target net zero by 2050, which is met with skepticism.
The credibility of the International Energy Agency continues to wane as it continues to advocate for an urgent shift towards a decarbonized economy. According to the IEA, global fossil fuel demand must decline 25% by the decade's end to ensure the world is on track for net zero by 2050.
It forecasted global oil demand will fall by 100 million barrels a day to about 77 million by 2030, adding natural gas demand should slide from 4,150 billion cubic meters in 2022 to 3,400 bcm by the end of the decade. OPEC Secretary General Haitham Al Ghais also said the IEA's"narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world."