‘Turning point’ as IEA sees fossil fuels peaking for the first time

(EurActiv, 27 Oct 2022) Russia’s war in Ukraine has triggered an acceleration in the green transition, with fossil fuels for the first time expected to peak “in the 2030s”, according to the International Energy Agency (IEA).

“We are seeing a turning point in the history of energy,” said the IEA’s executive director Fatih Birol as he presented the 2022 World Energy Outlook on Thursday (27 October).

Energy prices have skyrocketed across the globe since Russia’s military aggression in Ukraine, triggering what Birol described as an “unprecedented increase” in clean energy technologies such as solar PV, wind energy, batteries, heat pumps, nuclear power, and energy efficiency.

“This crisis, indeed, accelerates the clean energy transition,” Birol told journalists, saying he was now “optimistic” about the determination of governments to accelerate the green transition in response to the “geopolitical upheaval” caused by Russia’s war in Ukraine.

Under existing policies, governments across the world are expected to invest $2 trillion in clean energy technologies by 2030, the IEA calculated – which represents a 50% increase on the $1.3 trillion invested so far.

For the first time, the IEA is projecting “a distinct peak of fossil fuels” whose share in the global energy mix is expected to fall from around 80% to about 70% “in the 2030s” under current policies, Birol said.

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EurActiv, 27 Oct 2022: ‘Turning point’ as IEA sees fossil fuels peaking for the first time