Fossil fuel demand must fall by a quarter by the end of this decade if governments want to limit the rise in global warming to 1.5C since pre-industrial times, the International Energy Agency has concluded.
Coal, oil and natural gas will all need to be replaced by clean energy at a rapid rate to keep the world on track to cut greenhouse gas emissions to net zero by 2050, the OECD-funded energy watchdog said in its annual assessment.
The projections are the latest warning for the oil and gas sector since the IEA stunned the industry in 2021 when it said there was no room for new exploration projects if global warming limits thresholds were to be met.
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