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As oil demand rebounds, nations will need to make big changes to meet Paris goals, report says
(Inside Climate News, 18 Mar 2021) Covid-19 decreased oil demand by almost 9 percent last year, according to the International Energy Agency. But it could surpass pre-pandemic levels within a few years.
Global oil demand is expected to grow steadily over the next five years and quickly surge past pre-pandemic levels, a path that could put climate goals out of reach, according to the International Energy Agency.
In a report released Wednesday, the agency said that while the pandemic will have lasting effects on the world’s oil consumption, governments have to act immediately to set the global energy system on a more sustainable path.
Oil demand needs to fall by about 3 million barrels per day below 2019 levels by the middle of the decade to meet the goals of the Paris climate agreement, the report said. But on the current trajectory, consumption is instead set to increase by 3.5 million barrels per day.
“Achieving an orderly transition away from oil is essential to meet climate goals, but it will require major policy changes from governments, as well as accelerated behavioral changes,” said Fatih Birol, the IEA’s executive director. “Without that, global oil demand is set to increase every year between now and 2026.”
Inside Climate News, 18 Mar 2021: As oil demand rebounds, nations will need to make big changes to meet Paris goals, report says
