China's shifting economy is one of the "important drivers" behind the International Energy Agency's belief that demand for fossil fuels will peak by 2030, according to Fatih Birol, the IEA's executive director.
Fatih Birol said that there was one country behind the substantial increase in global fossil fuel consumption over the last decade: China. In relation to China, the IEA's report describes it as accounting for "more than 50% of global energy demand growth and 85% of the rise in energy sector CO2 emissions" in the past decade.China's AI applications are coming — where it matters for monetization
China's economy is now shifting away from its previous reliance on industries such as steel and cement production, as well as railways and infrastructure, Birol told CNBC, adding: "They are all in a decline."