The International Energy Agency has stated in their new World Energy Outlook released today that we are at a historic turning point for the energy transition: the solution to today's climate, energy, and affordability crisis is to rapidly replace volatile fossil fuels with clean energy and smarter energy use. For the first time, global demand for fossil fuels shows a peak or plateau across all WEO scenarios, with Russian exports in particular falling significantly as the world energy order is reshaped.
The pathway to achieve the Paris Agreement 1.5°C warming limit, detailed in the report's Net Zero Emissions by 2050 (NZE) Scenario, remains narrow but still achievable. But not with current policies. Getting on track will require a tripling in spending on clean energy and infrastructure by 2030, alongside a shift towards much higher investment in emerging markets and developing economies.
Rebecca Newsom, Head of Politics, Greenpeace UK said:
"On the eve of the crucial climate talks at COP 27 in Sharm El-Sheikh, the IEA World Energy Outlook continues to make it very clear: no one should consider that Russia's invasion can justify a wave of new oil and gas infrastructure in a world that wants to reach net zero emissions by 2050. The biggest energy challenge that we face right now is the threat of catastrophic climate change. The fastest and best way to address the interlocking cost of living, energy security and climate crises we face the world over but particularly in impacted countries is to invest in energy efficiency to reduce the demand of fossil fuels, and massively accelerate the global roll out of renewable energy."
