The world must double spending on renewable power and slash investment in oil and coal by 2030 to keep the Paris climate treaty temperature targets in play, the International Energy Agency (IEA) said Tuesday.
The world has so many existing fossil fuel projects that it cannot afford to build any more polluting infrastructure without busting international climate change goals, the global energy watchdog has warned.
Oil markets look ‘adequately supplied for now’ after a big increase in production over the last six months but the oil industry is coming under strain as it copes with increasing global demand, the West’s energy watchdog said on Friday.
World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak OPEC compliance with output cuts, the International Energy Agency said.
Growth in global coal demand will slow over the next five years due to lower consumption in China and the United States and as renewable energy sources gain ground, the International Energy Agency (IEA) said on Monday.
While the rise of the Liquefied Natural Gas market has accelerated the globalization of natural gas, the energy security implications of this transformation have attracted much less attention, said the International Energy Agency.