Russia’s invasion
of Ukraine has pushed many European powers to invest in alternative energy sources, including renewables. All of which suggests that the end of the “Golden Age of Gas” is nearing, and that investments in fossil fuels should slow. However, Birol warns that this development does not mean the end of global warming. Even by the IEA’s optimistic outlook, existing policy will not limitto 1.5°C, seen by many as a crucial measure to avoid the worst impacts of climate change.
While the IEA accepts some continued investment in fossil fuels will be necessary in the coming years to maintain energy security, it believes its projections should be a warning to investors around the world. “The peaks in demand we see based on today’s policy settings don’t remove the need for investment in oil and gas supply, as the natural declines from existing fields can be very steep,” said Birol. “At the same time, they undercut the calls from some quarters to increase spending and underline the economic and financial risks of major new oil and gas projects — on top of their glaring risks for the climate.
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