The International Monetary Fund reports that nations around the world indirectly subsidized fossil fuels by $7 trillion in 2022, despite the increasing dangers of greenhouse gas emissions and global heating.
Exxon Mobil Corp projects that oil and natural gas will still account for 54% of the world's energy needs in 2050, with CO2 emissions doubling the desired scenario set by the IPCC.
Focusing on cutting demand for fossil fuels through measures such as carbon taxes and renewable energy subsidies is more effective than solely curbing supply, as it incentivizes investors and banks to stop funding the industry and leads to a reduction in production, according to climate change activists.
The transition to a carbon-neutral world by 2050 will require a significant amount of green metals, leading to concerns of a supply crunch by the end of the decade, but strategies such as recycling, new mining projects, and demand-side adjustments could help minimize the impact.
Demand for coal, natural gas, and oil is expected to peak in the near future, even without new climate policies, as a result of the shift towards renewable energy and electric vehicles, according to the International Energy Agency.
Demand for fossil fuels is expected to reach an all-time high before 2030, despite progress in the fight against climate change, according to Fatih Birol, Executive Director of the International Energy Agency.
The U.S. economy is projected to reduce carbon dioxide emissions by 35-43% by 2030 through the Inflation Reduction Act, which provides tax credits for electric vehicles and renewable energy production.
Record growth in clean energy technology could still limit global warming to 1.5 degrees Celsius, but an investment of nearly $4.5 trillion per year would be required by the start of the next decade, according to the International Energy Agency.
A new report from the International Energy Agency reveals that countries are making progress in deploying climate-friendly technologies, such as solar power and electric vehicles, and that there is still a pathway to achieving net-zero emissions by 2050 and limiting global warming to 1.5 degrees Celsius.
Global demand for fossil fuels is expected to peak by 2030, but this alone will not be enough to limit global warming to the target of 1.5 degrees Celsius, according to the International Energy Agency (IEA). The IEA highlights the need for a rapid expansion of renewable energy sources and a 25% decrease in fossil fuel demand by 2030, along with significant investments in clean energy and technologies such as carbon capture and storage. Despite progress in clean energy adoption, achieving the 1.5-degree target remains a challenging task.
The International Energy Agency's updated roadmap for achieving zero greenhouse gas emissions by 2050 highlights the limitations of carbon capture technology and carbon credits, emphasizing the progress made by renewables in reducing emissions.
Achieving the transition to net-zero emissions by 2050 will require around $2 trillion annually by 2030, with the majority of funding coming from the private sector, as many emerging market and developing economies lack the necessary financial markets and credit ratings to attract international investors; furthermore, the current climate policies and commitments of major banks are not aligned with net-zero targets.
The International Energy Agency predicts that global demand for oil, natural gas, and coal will peak by 2030 due to the adoption of cleaner energy and transportation policies, leading to a sweeping transformation in the global energy landscape.
The International Energy Agency predicts that demand for fossil fuels will peak before 2030 due to the growing adoption of renewable energy sources, although a faster transition is needed to limit global warming to 1.5 degrees Celsius.
The International Energy Agency predicts that world fossil fuel demand will peak by 2030 due to the increase in electric cars and slower economic growth in China, undermining the need for further investment in the sector.
Humanity is at a critical juncture in energy production and consumption, as small changes and policy shifts can have significant impacts on the energy economy, with the International Energy Agency predicting that a slight drop in China's economic growth could result in a reduction in coal use equivalent to Europe's consumption, highlighting the need for transformative policy changes to meet climate goals and limit warming to 2°C or below.
Global energy consumption is expected to rise by 1.8% in 2024, reaching a record high, with demand for fossil fuels and renewable energy both increasing, according to a report by the Economist Intelligence Unit.
The UK is projected to become heavily reliant on imported oil and gas as North Sea production declines faster than fuel demand, leaving the country dependent on imports, according to forecasts from the North Sea Transition Authority (NSTA). The NSTA predicts that by 2050, UK gas production will fall by 94% and oil output will drop significantly, creating an energy gap that will need to be filled by imports. The decline in production could be even faster than projected, with some analysts suggesting that gas could all but disappear by 2040.