CALGARY — Even if no new government climate policies are introduced before 2030, global demand for fossil fuels will still peak before the end of the decade, a new report by the International Energy Agency states. The report released Tuesday says the worldwide rollout of key technologies such as renewable power, electric vehicles and heat pumps is happening so quickly that demand for coal, oil and natural gas is set to peak within the next 10 years. The IEA says this means that no new major oil
CALGARY — Even if no new government climate policies are introduced before 2030, global demand for fossil fuels will still peak before the end of the decade, a new report by the International Energy Agency states.
"If the world is successful in bringing down fossil demand quickly enough to reach net zero emissions by 2050, new projects would face major commercial risks," the IEA stated. The world is set to invest a record US$1.8 trillion in clean energy in 2023, but the IEA said that needs to climb to US$4.5 trillion by the early 2030s in order to achieve net zero by 2050.
All of these things are possible using existing and cost-effective technologies, it said. For example, reducing methane emissions from oil and natural gas operations by 75 per cent from today's levels would cost US$75 billion in cumulative spending to 2030, the IEA estimates — the equivalent of just two per cent of the net income brought in by the industry in 2022.
The IEA report also urges governments to adopt a "build big" mentality. Electricity transmission and distribution grids need to expand by about two million kilometres each year by 2030 to reach the IEA's net-zero scenario, but the organization pointed out that building grids today can take more than a decade.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dive Into Calgary’s Dynamic Downtown - Avenue CalgaryDiscover everything the city has to offer in its bustling city centre.
Read more »
Net Zero by 2050 Still Remains Possible With Rapid Renewables Expansion, Says IEAAchieving net zero by 2050 is still possible, but requires tripling renewable energy capacity by the end of the decade and increasing green investments to $4.5 trillion a year globally by the early 2030s, according to a new report from the International Energy Agency.
Read more »
IEA says route to net zero requires more cash and less politicsBy Forrest Crellin PARIS (Reuters) - Record growth in clean energy technology, including solar panels and electric vehicles, means it is still possible ...
Read more »
IEA says route to net zero requires more cash and less politicsBy Forrest Crellin PARIS (Reuters) - Record growth in clean energy technology, including solar panels and electric vehicles, means it is still possible ...
Read more »
No new oil, coal projects needed as fossil fuel demand to peak this decade: IEACALGARY — Even if no new government climate policies are introduced before 2030, global demand for fossil fuels will still peak before the end of the decade, a new report by the International Energy Agency states.
Read more »
Calgary HeraldRead latest breaking news, updates, and headlines. Calgary Herald offers information on latest national and international events \u0026 more.
Read more »