Global demand for fossil fuels will peak by the end of 2030
2023/9/14
According to the International Energy Agency (IEA), due to the rapid growth of renewable energy and the popularity of electric vehicles, the consumption of the three major fossil fuels will decrease in the next decade. This prediction will be mentioned in the World Energy Outlook report released next month.
Fatih Birol, the head of the IEA, mentioned the prediction as follows:
We are witnessing the beginning of the end of the fossil fuel era, and we must be prepared for the next era
This indicates that climate policy is indeed effective
The demand for fossil fuels will peak before the end of 2030
In response to climate change and the global energy crisis, governments around the world have increased their investment in renewable energy. The United States' Inflation Reduction Act, the EU's Fit for 55 and REPowerEU plans, and China's carbon peak and carbon neutrality strategy are all promoting the international community's transition to green energy.
Last year, the IEA stated that the total demand for fossil fuels may peak around 2030. At present, renewable energy technology has accelerated its development since the beginning of this year, and this prediction also foreshadows this turning point.
In last year's forecast, the IEA stated in its World Energy Outlook report that clean energy investment is expected to grow by about 50% by the end of this century, reaching $2 trillion annually, more than twice the amount invested in fossil fuels in 2022.
Birol is cautious about the global climate outlook, believing that only when emissions peak around 2025 and rapidly decline will there be a chance to limit global warming to within 1.5 degrees Celsius.
Is the market ready?
In the report, Birol mentioned the "structural transformation" of the Chinese economy, namely the shift from heavy industry to industries and services with lower energy intensity.
Over the past decade, China has accounted for approximately one-third of the global increase in natural gas demand and two-thirds of the increase in oil demand
He believes that solar, wind, and nuclear power will suppress the potential growth of coal demand in the Chinese market. At the same time, he believes that countries also need to accelerate energy transformation through "stronger climate policies".
However, the market and the public seem not yet ready to quickly adapt to this transformation. The President of the European Parliament, Roberta Metsola, warned this month that Brussels' climate policy may lead voters to turn to the radical side. In addition, Metsola also criticized the UK government's support for new oil and gas drilling projects.
The views of the International Energy Agency also face criticism from large fossil fuel producers. These manufacturers believe that if the current forecast for peak consumption is too optimistic, it will lead to an energy crisis caused by insufficient investment in oil and gas supply.
The Organization of Petroleum Exporting Countries (OPEC) also publicly expressed dissatisfaction with the IEA's call to stop investing in new oil development projects in April this year, as it triggered a series of market "fluctuations".
Nevertheless, Birol still insists on the need to "develop the right new policies", as according to IEA predictions, "global emissions will peak by the middle of this decade, but even with additional policies, we are still far from meeting our climate goals.
JIN DUN CHEMICAL has built a special (meth) acrylic monomer manufacturing base in ZHEJIANG province. This makes sure the stable supply of HEMA, HPMA, HEA, HPA, GMA with high level quality. Our special acrylate monomers are widely used for thermosetting acrylic resins, crosslinkable emulsion polymers, acrylate anaerobic adhesive, two-component acrylate adhesive, solvent acrylate adhesive, emulsion acrylate adhesive, paper finishing agent and painting acrylic resins in adhesive.We have also developed the new and special (meth) acrylic monomers and derivatives. Such as the fluorinated acrylate monomers, It can be widely used in coating leveling agent, paints, inks, photosensitive resins, optical materials, fiber treatment, modifier for plastic or rubber field. We are aiming to be the top supplier in the field of special acrylate monomers, to share our rich experience with better quality products and professional service.
