The world is entering a “new electric age” as demand for fossil fuels peaks by 2030. This is stated in the report of the International Energy Agency (IEA), Day.Az reports with reference to Gazeta.ru.
“In the second half of this decade, the prospect of increased or even excess supplies of oil and natural gas will take us into a completely different energy world,” said IEA head Fatih Birol.
According to the agency, an excess of fuel on the market will lead to lower prices and increased investment in green energy. In 2023, clean energy production will reach a record 560 GW, and investment in the sector will be about $2 trillion – double that of fossil fuels.
The IEA forecasts global oil demand will peak at just under 102 million barrels per day by 2030 before falling to 99 million barrels by 2035 due to the rise of electric vehicles. Prices are expected to fall from $82 per barrel in 2023 to $75 by 2050.