Coal, gas and oil are driving skyrocketing power prices which are hurting households, businesses and industries both in Australia and around the world, a new global report has concluded.
The IEA's 2022 World Energy Outlook, released today, reveals that fossil fuels are 90 percent responsible for electricity prices increasing, with gas alone being 50 percent to blame. This outlook comes a year after the traditionally conservative body called for an immediate end to fossil fuel expansion.
Andrew Stock, Climate Councillor, former Origin Energy executive and past director of the Clean Energy Finance Corporation, said: "This week's Federal Budget spelled grim news for Australians already feeling the pinch, with a big spike in power prices on the way. The IEA report has made it abundantly clear that fossil fuels are the root cause of this problem, particularly gas, which is the most expensive form of power in Australia.
"This global report points to an obvious, affordable solution – a rapid transition to renewable energy. Which would be a win for households, businesses, jobs and the climate.
"Solar and wind are the cheapest sources of power globally, and are already outcompeting fossil fuels. The report highlights the forecast increase in total global energy demand to 2030 will be met almost entirely by renewables.
"The message for Australia is clear. After a wasted decade, we are now on the right track, but have tremendous ground to make up."
Dr Carl Tidemann, Climate Council Senior Researcher said: "For the first time ever, the IEA has identified that global demand for fossil fuels will peak by the mid 2020s. This is the curtain call for coal, oil and gas.
"We are just over a week out from the COP27 UN climate Summit in Egypt. World leaders must heed the IEA's advice and grasp this chance to tackle the energy crisis and the climate crisis together.
"Australians shouldn't continue to bear the burden of fossil-fuel driven price pain, just so that fossil fuel corporations can continue to rake in mega profits, while continuing to fuel climate change."
"Fossil fuels don't belong in our energy mix, our homes, or on our athletes jerseys. They belong in the polluting past, and are thankfully headed that way."
Based on Australia's high emissions, economic strength and vast untapped opportunities for renewable energy, Australia should be aiming to reduce its emissions to 75% below 2005 levels by 2030. Here's 10 climate game-changers to get us started.
