For IEA, net zero target still too far

According to the IEA’s World Energy Outlook 2021, a new energy economy is emerging, but not yet fast enough to reach net zero by 2050.

“The extremely encouraging global momentum towards clean energy is clashing with the stubborn use of fossil fuels in our energy systems,” said Fatih Birol, IEA Executive Director, in a presentation to the International Energy Agency’s (IEA) latest report. A few weeks after the COP26 climate change summit in Glasgow, Scotland.

“The social and economic benefits of accelerating the transition to clean energy are enormous and the costs of inaction are enormous”, Birol recalled, urging governments to give a clear and unmistakable signal to the issue.

very slow energy transition

The process of transition to clean energy is “too slow to drive global emissions into a sustained decline toward net zero”, reads Relation dell’International Energy Agency.

“Despite all the progress made by renewable energy and electric mobility, 2021 is seeing a major rebound in coal and oil use,” the IEA continues, explaining that “primarily for this reason, we are looking forward to the second annual Seeing the increase in CO2 emissions in history”.

Petroleum Question: Peak in 2025

Global demand for fossil fuels could fall to 97 million barrels per day by 2025 and then to about 1 million barrels per year by 2050.

So oil demand could remain at three-quarters of current levels by 2050, meeting climate targets, the IEA said in its latest World Energy Outlook, citing consumption of 77 million barrels per day compared to 100 million currently. signal.

Oil demand is expected to drop to 25 million barrels per day by 2050 to meet climate targets.

Natural gas demand will increase again in 5 years

Natural gas demand is expected to increase over the next 5 years while coal will experience a rapid structural decline.

Birol (IEA): Needs more investment

While sales of electric vehicles set new records in 2020 and renewables such as wind and photovoltaics continued their rapid growth, the IEA believes that investment in clean energy is still too low. “We are not investing enough to meet future energy needs and the uncertainties are setting the stage for a volatile period to come,” rumbles Birol.