Impact from Russia’s invasion of Ukraine
Russia’s invasion of Ukraine has caused the energy market to become very volatile. The IEA has stated that: "The global energy crisis triggered by Russia's invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system”.
Investments in wind and solar energy have increased due to the high costs of oil and its geo-political dependence. This surge is setting up demand for fossil fuels to peak or plateau, which will lead to a drop in emissions.
Based on the latest measures and policies announced by governments in the face of soaring energy prices, the IEA forecasts global clean energy investment to rise by more than 50 percent from today's level, to $2 trillion per year by 2030.
Oil demand is set to level off in the mid-2030s and then gradually decline towards mid-century due to uptake of electric vehicles, this represents a significant change from the earlier estimate of a steady increase.
It is essential that we continue to push for renewable sources and decline the use of fossil fuels as the world is warming at an alarming rate.