Demand for coal, oil and natural gas to peak within 10 years: report
BNN Bloomberg
Even if no new government climate policies are introduced before 2030, global demand for fossil fuels will still peak before the end of the decade, a new report by the International Energy Agency states.
The report released Tuesday says the worldwide rollout of key technologies such as renewable power, electric vehicles and heat pumps is happening so quickly that demand for coal, oil and natural gas is set to peak within the next 10 years.
The IEA says this means that no new major oil and gas extraction projects are needed anywhere around the globe, nor any new coal mines, mine extensions or unabated coal plants.
"If the world is successful in bringing down fossil demand quickly enough to reach net zero emissions by 2050, new projects would face major commercial risks," the IEA stated.
