Global carbon emissions from energy will peak in 2025 thanks to massively increased government spending on clean fuels in response to Russia’s invasion of Ukraine, according to analysis by the world’s leading energy organisation.
The International Energy Agency (IEA) said that government spending on clean energy in response to the crisis would mark a “historic turning point” in the transition away from fossil fuels, in its annual report on global energy.
The invasion of Ukraine has prompted an energy crisis around the world, with global gas prices initially surging. The crisis has caused steep inflation that has made households poorer around the world.
Governments have been scrambling to find other sources of energy. Some analysts have questioned whether fears over energy security could lead to the use of fossil fuels for longer, slowing the world’s race to net zero carbon emissions. Some countries – including the US and the UK under previous prime minister Liz Truss – have pledged to encourage fossil fuel extraction to try to ease prices.
However, Fatih Birol, the IEA’s executive director and one of the world’s most influential energy economists, said the energy crisis caused by Russia’s invasion “is in fact going to accelerate the clean energy transition”.
The IEA said planned investments in green energy in response to the crisis meant that – for the first time – government policies would lead to demand for polluting fossil fuels peaking this decade. The agency cited notable contributions from the US Inflation Reduction Act, the EU’s emissions reduction package, and actions by Japan, South Korea, China and India.
SOURCE: THE GUARDIAN