More than half of the world’s electricity will be generated from low-carbon sources by 2030 and the demand for fossil fuels will peak at the end of this decade, which could lead to a surplus.
The International Energy Agency (IEA) said this in its annual World Energy Outlook forecast.
Now we are rapidly entering the age of electricity, which will define the global energy system and will be increasingly based on clean sources of electricity. However, the IEA also warned that the use of clean energy is far from uniform across technologies and countries.
Excess supplies of fossil fuels will likely lead to lower prices, allowing states to invest more in clean energy sources to accelerate the transition to cleaner and safer technologies.
The IEA said 560 gigawatts (GW) of renewable capacity was added globally last year and it predicts that around $2 trillion will be invested in clean energy in 2024, almost double that invested in fossil fuels. The report also predicts a decline in oil prices if tougher environmental policies are introduced globally to combat climate change.
