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IEA warns of elevated fossil fuel reliance amidst global energy crises

IEA warns of elevated fossil fuel reliance amidst global energy crises
IEA warns of elevated fossil fuel reliance amidst global energy crises
  • The agency had warned investors last year to refrain from investing in new gas, oil, and coal supply projects.
  • The world will not have to choose between accelerating climate change and energy shortages through the right investments.

According to the International Energy Agency’s (IEA) Executive Director Fatih Birol, the energy security and poverty crisis during the Russia-Ukraine war should not result in a deepened reliance on fossil fuels.

The right volume of investments in nuclear and renewable energy would mean the world does not have to choose between accelerating climate change and energy shortages resulting due to fossil fuel emissions.

Fossil fuels can only fulfill short-term needs but making excuses to justify the current investments being done in this non-renewable fuel source, is neither timewise nor morally appropriate in the long run, Birol cited.

Birol added that the short-term demand for fossil fuels meant the world cannot easily break itself off from conventional energy supplies. He further added that countries with more energy export capacity hopefully make a positive contribution to global climate change.

It is worth noting that the IEA had warned investors last year to refrain from investing in new gas, oil, and coal supply projects if the world intends to achieve net-zero emissions by mid-century.

However, the Organization of the Petroleum Exporting Countries Plus (OPEC+) alliance of oil exporters is step-by-step releasing oil into the markets, with UAE and Saudi Arabia being the top oil producers and resisting tapping into their full capacity.

In another development, a gas supplier that delivered around 7% of the eastern Australian market has crumbled owing to the inflating global gas prices. This is the first significant casualty in Australia amidst worldwide gas supply woes that stemmed after imposing heavy sanctions on Russia for its war against Ukraine.

Source Credits –

https://energy.economictimes.indiatimes.com/news/oil-and-gas/iea-warns-against-energy-crisis-deepening-fossil-fuel-reliance/91741027

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Aakriti Rao

Aakriti Rao

Aakriti Rao has always had a flair to pen down crisp and quirky content. A qualified English Literature graduate, Aakriti’s forte lies in creating content for varied genres in an utmost interactive way. Presently, she works as a content developer and writes articles spanning the latest business trends, market research, and industry news for Cue Report.