International Energy Agency says it’s the ‘beginning of the end’ of the fossil fuel era

Recent projections made by theIEA (the International Energy Agency), show that the era of fossil fuels is coming to an end.

Fossil fuel production will decline

According to the IEA, “ increasing investment in green energy, accelerating adoption of electric vehicles and slowing coal investment in China » indicate that demand for fossil fuels will decline. Before 2030, the industry could see its production decline, in particular due to the efforts and policies deployed by States around the world.

Fatih Birol, director of the IEA, believes that “ demand for fossil fuels expected to peak in coming years “. And this, even without a new climate policy. Only with current devices. The peak of fossil fuel production is coming much sooner than analysts predicted just a few years ago.

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The growth of wind and solar energy play a determining role in the global energy mix. Just like China’s decisions which can influence the world order. Indeed, since the Middle Kingdom decided to focus on renewable energies, nuclear power and electric vehicles, the impact has been palpable on global oil production.

Peak demand is fast approaching

All of this indicates that peak demand for fossil fuels is fast approaching. That’s not all, Russia’s invasion of Ukraine has pushed major European powers to invest in alternative energy sources, including renewable energy. In short, “the golden age of gas and oil is near,” according to the International Energy Agency.

The head of the IEA nevertheless believes that even if this development is going in the right direction, “ This does not mean the end of global warming “. The end of fossil fuels will not limit warming to 1.5°C. Also, the IEA believes that we must continue to invest in oil and gas, because “ declines in existing deposits can be very significant ».