The COP28 resolution should direct energy spending to hasten the transition away from fossil fuels this decade, according to the president of the International Energy Agency (IEA). This was stated on Friday.
Executive Director Fatih Birol told Reuters that “after COP28, governments, companies, and investors need to tell people around the world what actions they are taking to move the world away from fossil fuels.”
At the climate summit in Dubai earlier this week, governments decided to move away from fossil fuels in an attempt to stop climate change before it gets worse.
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State governments, according to Birol, are “drawing a strong relationship between the high use of fossil fuels and extreme weather events.”
According to Birol, the COP28 agreement included a number of the IEA’s earlier proposals, including tripling the share of renewable energy and increasing energy efficiency by 2030. However, it was not mentioned how developing nations would cover the costs of making the transition to renewable energy.
Birol stated, “This is the main challenge for Baku, COP29, which will be the top priority for the International Energy Agency to discuss with the global leaders and the presidency of COP29.” He was speaking of the 2019 conference that will be held in Azerbaijan.
The International Energy Agency (IEA) updated its 2019 oil consumption prediction on Thursday and said that there is still hope for oil use in the near future.
However, as more people convert to electric vehicles and the global energy system moves toward low-carbon sources, the IEA predicts that the demand for coal, oil, and gas will peak by 2030.
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