IEA: Global Oil Use Could Peak This Decade

A new report by the International Energy Agency released this month estimated that greenhouse gas emissions and the global demand for fossil fuels could peak this decade.

The IEA, an intergovernmental organization in France dedicated to preventing climate change, attributed the decrease in greenhouse gases and the decline of fossil fuels to the rise of alternative energy methods.

The report projects that global renewable energy capacity will nearly triple to 11,000 gigawatts by 2030, with methane emissions falling to a quarter of current levels over the same period — around 30 megatons per year.

Researchers suggested that much of that was likely due to the Russian invasion of Ukraine, which forced Europe to move away from natural gas and towards alternative energy.

Still, the IEA argued that the goal of keeping the average global temperature below 1.5 degrees Celsius more than it is now still requires the implementation of policies aimed at reaching it.

"The speed of the roll-out of key clean energy technologies means that the IEA now projects that demand for coal, oil, and natural gas will all peak this decade even without any new climate policies," the report read. "This is encouraging, but not nearly enough for the 1.5 degree Celsius goal."

The organization's model relies on the assumption that new technologies will be developed, specifically improved battery processing and using hydrogen electrolysis to remove carbon dioxide from the air.

Net zero emissions by 2050, a goal set by the IEA, is still possible if emissions decline by 80% in advanced economies and 60% in emerging market and developing economies by 2035.

"Momentum is coming not just from the push to meet climate targets but also from the increasingly strong economic case for clean energy, energy security imperatives, and the jobs and industrial opportunities that accompany the new energy economy," the report concluded.

"Yet, momentum must be accelerated to be in line with the 1.5°C goal and to ensure that the process of change works for everyone," it added.

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