IEA: The War In Ukraine Will Make Fossil Fuels Use Peak In 5 Years

IEA: The War In Ukraine Will Make Fossil Fuels Use Peak In 5 Years - Carbon Herald
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The World Energy Outlook 2022 from the International Energy Agency (IEA) says that Russia’s war in Ukraine will cause the use of fossil fuels to peak within the next five years. 

Published every autumn, the IEA’s annual World Energy Outlook (WEO) is widely considered to be one of the most authoritative contributions to the climate discussion.

According to the 524-page report, the raging energy crisis and the war in Ukraine have given an extra push to the transition away from fossil fuels. 

It goes on further to say that the war may, in fact, mark a “historic turning point” in the battle against climate change leading up to the peak of all three fossil fuel sectors: coal, gas and oil, for the first time ever, even with countries failing to meet their climate goals. 

Relevant: IEA Forecasts 8% Surge Of Global Energy Investment In 2022

The outlook also acknowledges that nations have picked up the pace of electrifying heat and transport significantly compared to last year.  

Moreover, the growing demand for energy globally is expected to be met almost entirely by renewables, with wind capacity expected to soar 14% higher by 2030 than last year’s estimates, and 18% for global solar capacity. 

Global CO2 emissions are also now set to peak latest by 2025, and this year’s outlook has also lowered its expectations of the average global temperature increase from 2.6C to 2.5C. 

Read more: World Bank To Launch New Fund To Reduce Carbon Emissions

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