“Stark warning” from International Energy Agency to Australia
The International Energy Agency (IEA) expects to see all fossil fuels peak before 2030 as solar PV and EVs lead the new clean energy economy
It's a stark reminder for Australia’s politicians that renewable energy is the only way forward.
Each of the three fossil fuel categories – natural gas, oil, and coal – are set to reach a peak by 2030 even in its mild scenario.It's the first time such a strong prediction has been made by the IEA.
The rapid fall from grace of fossil fuels is thanks to the 2022 energy crisis, current global policy settings, and longer-term trends including the rise of green tech.
The only scenario consistent with 1.5°C, though, means fossil fuel use must decrease nearly 30% by 2030.That requires a much quicker phase down than most governments are promising.
In 2023 alone, the IEA predicts that more than 500GW of renewable energy generation capacity will be added to the global grid - a new record.
Climate experts have called the report a "stark warning" to Australia that betting on fossil fuels will increase the risks from climate change, and saddle Australians with higher energy bills.