Spiraling energy costs caused by various economic factors and the Ukraine war could be a turning point toward cleaner energy, the International Energy Agency said in a report.
FILE - Wind turbines turn on top of a dump next to the 'BP Refinery Scholven' in Gelsenkirchen, Germany, Oct. 22, 2022. Spiraling energy costs caused by various economic factors and the Ukraine war could be a turning point toward cleaner energy, the International Energy Agency said in a report Thursday, Oct. 27. It found the global demand for fossil fuels, including coal, oil, and natural gas, is set to peak or plateau in the next few decades.
The role of natural gas as a “transition fuel” that will bridge the gap between a fossil-fuel based energy system to a renewable one has also taken a dent, the report said. Although it’s a fossil fuel, natural gas is considered cleaner than coal and oil, as burning it produces less carbon dioxide. “Clean energy investment is delivering. It is the reason why the world is on track to peak CO2 emissions. But that’s only the first step. We need big emissions cuts, not a plateau,” said Dave Jones, an energy analyst at London-based environmental think-tank, Ember.
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