In addition to short-term protection measures for consumers against rising prices, the crisis has prompted many states to try to accelerate structural changes, as the IEA writes in its annual report presented in Paris on Thursday. If implemented, the plans would mean a 50% increase in global investment in clean energy by 2030.
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Energy markets and energy policy are not just changing in the short term, but in the coming decades, explained IEA Director Fatih Birol. “The responses from governments around the world promise a historic and definitive turning point towards a cleaner, more affordable and safer energy system.”
According to the IEA’s analysis, for the first time a peak or plateau in world demand for fossil fuels is in sight. Under the current policy framework, coal use is expected to decline in the coming years, with natural gas demand stabilizing by the end of the decade. Rising electric vehicle sales will therefore lead to a flattening of oil demand in the mid-2030s and then a slight decline until mid-century.
According to the analysis, the share of fossil fuels in the global energy mix will drop from 80% to 60% by 2050. Global CO2 emissions will also decrease accordingly. Despite all this, however, the IEA assumes a global warming of 2.5 degrees by the year 2100 – a far cry from the 1.5 degree target, which aims to help prevent the severe effects of climate change.
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PARIS (dpa-AFX)
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