WORLD ENERGY OUTLOOK FROM THE IEA - VERY UNCERTAIN

 The International Energy Agency (IEA) shared some good news last week—clean energy is gaining ground, fossil fuel use is peaking, and carbon reductions look achievable.

But dig into the numbers, and a different picture emerges. The IEA’s forecast rests on shaky assumptions, wishful thinking, and contradictions that cast serious doubt on the credibility of its projections. 

Coal use—the largest source of global carbon emissions—will decline by just 0.5% per year through 2030, and only 0.8% annually from 2030 to 2050. Oil consumption will increase by 0.75% annually and natural gas use will grow at 1.6% per year over the same period. Clearly there will be a major role for fossil fuels for decades to come. Renewables have a part to play but they will not be a replacement for reliable energy.

Read more here:  IEA Optimism vs. Reality: The Contradictions in the Energy Transition | Art Berman