Demand for oil and gas, without significant changes, will grow for decades: no reduction in CO₂ is foreseen either - IEA

If the world does not change course, and commitments to combat climate change do not increase, global demand for oil and gas will remain relevant for at least the next 25 years. This is stated in the conclusion of a study by the International Energy Agency (IEA), reported by FT and UNN.

Details

Over the next 25 years, a significant reduction in CO₂ emissions is unlikely to be expected if the world's countries do not agree on new solutions in the fight against climate change, countering the prospects of oil, gas, and coal dominating global energy markets.

The International Energy Agency, in its latest "World Energy Outlook," outlined a scenario that takes into account countries' changing positions on climate goals, as well as a growing desire for secure and affordable energy and a slowdown in the growth of electric vehicles.

"Climate change is diminishing — and diminishing rapidly — on the international energy policy agenda," Fatih Birol, head of the IEA, told the Financial Times. "And this is happening when 2024 was the hottest year on record," he added.

The report, released at the COP30 climate change summit in Belém, Brazil, states that it is now "almost certain that 1.5 degrees of warming will be exceeded within a decade or less, and that pathways limiting this overshoot to low levels have now slipped out of reach."

The IEA said it did not present its new scenario in response to pressure from the US, which strongly criticizes the concept of "peak oil" in an attempt to stimulate its fossil fuel industry and achieve "energy dominance."

Recall

Researchers at the University of Edinburgh found that COP climate conference websites significantly increased CO₂ emissions. From 1995 to 2014, average emissions increased by more than 13,000 percent, exceeding the average for other websites.