Global peak oil predicted in this decade, with shift to clean energy 'unstoppable'

Global demand for oil will reach its peak this decade, the International Energy Agency predicted for the first time, amid growing popularity of, doesn’t mean a rapid plunge in fossil fuel consumption is imminent. It will probably be followed by “an undulating plateau lasting for many years” with

“The transition to clean energy is happening worldwide and it’s unstoppable,” IEA Executive Director Fatih Birol said in a statement. “Claims that oil and gas represent safe or secure choices for the world’s energy and climate future look weaker than ever.” Oil demand in the petrochemicals, aviation and shipping industries will continue to increase to 2050 but it won’t be enough to offset lower demand from road transport amid “astounding rise insales,” the IEA said. China, which has for years driven the growth in global crude consumption, will see its appetite weakening over the next few years, with total consumption declining in the long run, according to the report.

The IEA’s base-case reflects energy policies currently pursued by governments worldwide and the continued ramifications of last year’s energy crisis. The IEA’s second scenario, which assumes all governments meet their energy and climate pledges in full and on time, envisions global oil demand peaking at 93 million barrels a day in 2030, with a decline to 55 million barrels per day in 2050. The third, a net zero emissions scenario in which global warming is limited to 1.

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