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IEA: Gas demand to peak by end of decade

27 October 2022 09:21 (UTC +04:00)

The International Energy Agency (IEA) published on Thursday its World Energy Outlook for 2022, in which it forecasts for the first time that global demand for fossil fuels will reach a peak, after which it will decrease, APA reports citing Tele Trader.

Coal use should "fall back within the next few years," while natural gas will plateau by the end of the decade, and oil will level off in the mid-2030s "before ebbing slightly to mid-century."

The IEA also predicted that Russian fossil fuel exports will never return to the levels seen in 2021 as Europe stops importing them, with its share of internationally traded oil and gas falling by half by 2030. "Russia’s invasion of Ukraine is prompting a wholesale reorientation of global energy trade, leaving Russia with a much-diminished position," it stated.

The agency said the peak in carbon dioxide emissions will be reached in 2025 but warns that the current global policies will result in a reduction of only 13% in annual emissions by 2050, which is "far from enough to avoid severe impacts from a changing climate."