The IEA has, for the first time, forecast that global demand for fossil fuels could peak or plateau.
“Total demand for fossil fuels declines steadily from the mid-2020s by around 2 exajoules per year on average to 2050, an annual reduction roughly equivalent to the lifetime output of a large oil field”
— IEA, World Energy Outlook 2022
This will obviously have significant impact on the energy transition as governments shift to green energy, including:
- Nuclear (read our in-depth report on uranium)
- Hydrogen (read our introduction)