In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments’ current policies - the first time this has happened.
Still, the IEA also said as things stand, demand for fossil fuels is set to remain far too high to keep within reach the Paris Agreement goal of limiting the rise in average global temperatures to 1.5 degrees Celsius.
“This risks not only worsening climate impacts after a year of record-breaking heat, but also undermining the security of the energy system, which was built for a cooler world with less extreme weather events,” the agency said in a statement.
By 2030, the IEA expects there to be almost 10 times as many electric cars on the road worldwide, and it cited policies supporting clean energy in key markets as weighing on future fossil fuel demand.
For example, the IEA now expects 50% of new U.S. car registrations will be electric in 2030, up from 12% in its outlook two years ago, largely as a result of the U.S. Inflation Reduction Act.
An OPEC report earlier this month said calls to stop investments in new oil projects were “misguided” and “could lead to energy and economic chaos.”
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