Fossil fuel demand expected to peak within 15 years

The person is Madeleine Cuff.

According to the IEA, demand for fossil fuels is expected to peak in 15 years.

According to the World Energy Outlook, if efforts to phase out fossil fuels aren't stepped up, demand for coal and oil will decline within a few years. From the end of this decade, gas demand is expected to stop.

It is the first time that influential IEA analysts have said that demand for fossil fuels will peak under all future scenarios.

It would be the first time since the Industrial Revolution that GDP and fossil fuel use were not tied together.

Mike Coffin is from Carbon Tracker, which is researching the impact of climate change on financial markets. Business as usual is not going to work in the long run for the oil and gas industry.

The IEA said that global emissions from the energy sector are expected to peak by the year 2025.

Russia's war with Ukraine has caused turmoil in the energy markets, according to the IEA. The conflict will speed the world's transition to lower carbon energy sources as countries look to boost growth and bolster their energy security in response to the crisis.

The IEA said that the US Inflation Reduction Act will increase the number of electric cars on the road over the next 10 years. The Fit for 55 package, which will drive deployment of electric vehicles, heat pumps and renewable energy, will cause European Union demand for natural gas and oil to fall by 20 per cent.

"Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come." The energy world is changing before our eyes even with today's policy settings. Government responses around the world promise to make this a turning point for a cleaner, more affordable and more secure energy system.

As nations drive more electric cars and use less fossil fuels, demand for fossil fuels will go down. The share of fossil fuels in the global energy mix is expected to fall from around 80 per cent today to just above 60 per cent by mid-century.

The pace of change is not fast enough to save the planet. According to the IEA, the world is on course for 2.5C of warming by the end of the century because of current policies. The stability of ecological systems is at risk because of this level of warming.

If countries do more to cut emissions, the pace of this transition could be accelerated. If countries fulfill their climate targets in full and on time, demand for coal, oil and gas will peak by the year 2030. Climate change is held to 1.7C above pre-industrial levels.

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