IEA: ‘Age of electricity’ to follow looming fossil fuel peak
IEA: ‘Age of electricity’ to follow looming fossil fuel peak
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NewsTranscript
00:00The International Energy Agency, or IEA, reported the world is on the verge of a new
00:05electricity era as fossil fuel demand is projected to peak by the end of the decade,
00:11which may lead to increased investment in green energy due to surplus oil and gas supplies.
00:18However, it also highlighted significant uncertainty due to conflicts in oil and gas-reducing regions
00:24like the Middle East and Russia, along with the elections in 2024 in the nations that account for
00:30half of global energy demand. Moreover, the report outlines the potential effects on future oil
00:36prices if stronger environmental policies are enforced worldwide to address climate change.