A report from the International Energy Agency (IEA), published last week, claims that the world will reach peak demand for oil, coal and gas by 2030. This has been seized on by the likes of the World Economic Forum as proof that we’re about to enter a brave, green future, free of evil fossil fuels.
But other developments this month suggest otherwise. At the same time as the IEA and the WEF have been heralding an imminent end to fossil fuels, Germany has been firing up an extra coal facility, energy giants Exxon Mobil and Chevron are doubling down on their fossil-fuel businesses and the wind-power industry has been begging governments for more subsidies and bailouts.
It is difficult to avoid the conclusion that those anticipating an imminent decline in fossil-fuel use are indulging in wishful thinking. This is largely because they are ignoring the huge geopolitical changes the world is now undergoing. The fact is that global energy markets have been fundamentally transformed after the Russian invasion of Ukraine. It means that governments and nations are now putting energy and national security above concerns over climate.
Energy News Beat