'Age of electricity' to follow looming fossil fuel peak, IEA says

Susanna Twidale | Source: Reuters | Posted 10/17/2024

Keyword Tags:

The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, meaning surplus oil and gas supplies could drive investment into green energy, the International Energy Agency said on Wednesday.

AI generated summary

The International Energy Agency predicts a shift towards a new era of electricity as demand for fossil fuels is expected to peak by the end of the decade. Surplus oil and gas supplies could potentially drive investments towards green energy sources, signaling a significant transformation in the energy sector. However, uncertainties remain as geopolitical conflicts in regions like the Middle East and Russia, alongside major elections in key energy-consuming countries, could impact this transition.

IEA Executive Director Fatih Birol highlights the potential for surplus fossil fuel supplies leading to lower prices, enabling a shift towards cleaner energy sources. The report emphasizes the need for increased investment in cleaner and more secure technologies to accelerate the transition. Despite record levels of clean energy investments and renewable power capacity added globally, the report notes that the growth in clean power generation is not keeping pace with rising global electricity demand, indicating a slower decline in coal power use than previously anticipated.

Link to Original Article

Please find the link to the full article below. (Please note that content provider might require a paid subscription)

Source Link: https://tinyurl.com/reutersbusiness

Create a free trial account: Sign Up

Grid monitor is free to try. No credit card required

'Age of electricity' to follow looming fossil fuel peak, IEA says

AI generated summary

Link to Original Article

Create a free trial account: Sign Up

Already have an account? Login