The International Energy Agency (IEA) has issued a forecast of a slowdown in fossil fuel production and exploitation, signaling the "beginning of the end" of the fossil fuel era.
The global energy watchdog has projected for the first time that consumption of fossil fuels - oil, gas and coal - should peak before 2030. Thereafter, this industry should go into permanent decline as other types of energy and climate policies advance.
However, more action is needed to avoid climate catastrophe.
Clean energy methods and climate policies have been responsible for this
According to the IEA report, to be released later this month, the oil, gas and coal industry is likely to peak sooner than many scientists and industry professionals predicted. According to IEA director Fatih Birol, the anticipation of this historic shift is mainly due to the "dramatic growth" of clean energy, such as electric vehicles, solar panels and wind power.
"The peaks for all three fossil fuels are good news, showing that the shift to cleaner, more secure energy systems is accelerating and that efforts to avoid the worst effects of climate change are making progress," Birol wrote to the Financial Times.
Among other factors influencing the beginning of the end of the fossil fuel era, the IEA director also cited political and economic developments. These include Europe's accelerated transition away from gas since Russia invaded Ukraine, and structural changes in the Chinese economy, which have prompted the country to move away from energy-intensive heavy industries.
"The world is on the verge of a historic tipping point," Birol stated.
Stronger action is still needed to avert a climate catastrophe
Despite the positive effect that the end of the fossil fuel era should have, the expected slowdown in this industry should still not be enough to prevent global temperatures from rising 1.5 °C above pre-industrialized levels. And this is considered vital if the world is to avoid a climate catastrophe.
Speaking to the Financial Times, Birol warned, "This will require significantly stronger and faster political action by governments."
In economic terms, the IEA director also gave his advice to major oil producers earlier this year. According to Birol, it is essential that they pay "close attention to the increasing pace of change and calibrate their investment decisions," given the expected decline in demand for fossil fuels.
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