- The International Energy Agency, IEA, released a report on Tuesday (Sept. 26)
- According to IEA, governments must work to reduce fossil fuel demand by 25 percent in this decade to meet climate demands.
- For the entire world to reach net zero, it will take an investment of about $45 billion per year according to the report.
As international oil prices continue to rise sharply in the second half of 2023, the IEA is warning that the appetite for fossil fuels has to be lowered by up to 25% by the start of the next decade to limit global warming.
Although that seems a lot, beyond 2030, the demand will have to drop by 80% in the subsequent 20 years which would imply the world no longer needing new oil and gas projects nor would it require new coal mining operations according to the Net Zero Roadmap from the IEA.
As developing countries adjust their economies to clean energy, advanced economies will have to reach net-zero sooner to allow developing countries more time to build out alternative sources of energy.
The world’s leaders are due to gather in Dubai for the United Nation’s COP28 climate summit in late November.
