Global oil and gas demand could grow until 2050, the International Energy Agency said on Wednesday, departing from previous expectations of a speedy transition to cleaner fuels following U.S. criticism about its
Global oil and gas demand could grow until 2050, the International Energy Agency said on Wednesday, departing from previous expectations of a speedy transition to cleaner fuels following U.S. criticism about its climate focus.
The Paris-based energy security watchdog also predicted in its annual outlook that the world will likely fail to meet its goal to cap the rise in temperatures to as close as possible to 1.5 degrees (2.7 degrees Fahrenheit) above pre-industrial times to avoid the most devastating effects of climate change.
The IEA has been under pressure from the U.S. for a shift in recent years toward a focus on clean energy policies as President Donald Trump called on American companies to expand oil and gas production.
During the Biden administration, it predicted that global oil demand would peak this decade and said there should be an end to investment in new oil, gas and coal projects if the world wanted to reach net zero emissions by mid-century.
'NOTION OF PEAK OIL'
Trump's Energy Secretary Chris Wright has called its demand peak projections “nonsensical”. The IEA is funded by member countries, with the U.S. the largest contributor.
In its World Energy Outlook published on Wednesday,
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