LONDON: World fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China's economy grows more slowly and shifts towards cleaner energy, the International Energy Agency (IEA) said, undercutting the rationale for any rise in investment.
The report from the IEA, which advises industrialised countries, contrasts with the view of the oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment.
"Governments, companies and investors need to get behind clean energy transitions rather than hindering them." By 2030, the IEA expects there to be almost 10 times as many electric cars on the road worldwide, and it cited policies supporting clean energy in key markets as weighing on future fossil fuel demand.
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