International Energy Agency states global emissions will peak in 2025

The International Energy Agency released its World Energy Outlook 2022 report on October 27, 2022, stating that global emissions will peak in 2025. 

This year’s WEO opens various questions related to the crisis, such as setbacks for clean energy transitions, government responses on energy markets, and available risks ahead on the path to net zero emissions. The IEA reports are based on prevailing policy settings that witness a definitive peak in global demand for fossil fuels.

Global emissions will peak in 2025, says International Energy Agency

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International Energy Agency report: Key details

1. In the Announced Pledges Scenario, the commitments in the Nationally Determined Contributions (NDCs), focus on a faster reduction in emissions: global emissions peak before 2025 and down to 31.5 Gt CO2 in 2030, which is approx 15 percent less than in the STEPS.
2. The demand for coal and natural gas peak in the coming years, and oil need reaches a high level in mid-2030 before falling slightly.
3. The WEO report says that the global energy crisis raised by the Ukraine conflict is having far-reaching implications for all economies, prompting short-term responses from governments and a deeper debate about the process to boost energy security.
4. High energy costs are causing a massive transfer of wealth from users to producers, back to the levels in 2014 for oil, but completely unprecedented for natural gas.
5. The increased price of fuel accounts for 90 percent of the rise in the average price of electricity generation globally, with natural gas alone for more than 50 percent.
6. The cost and economic pressures define that the number of people without access to modern energy is increasing for the first time in a decade.
7. Around 75 million people who recently acquired access to electricity are likely to lose the capacity to pay for it, and many people revert to the use of traditional biomass for cooking.

What do you mean by the International Energy Agency?

1. The International Energy Agency is an autonomous intergovernmental body based in Paris.
2. The organization was established in 1974 and it provides policy recommendations, examination, and data on the complete global energy sector with a recent focus on curbing carbon emissions and attaining global climate targets, such as the Paris Agreement. 
3. The 31 member countries and 11 association countries of the IEA depicts 75% of global energy demand.

Background

The IEA depicts that there remain massive uncertainties over how the energy crisis will rise and for how long fossil fuels cost will remain elevated, and the risks of further energy disruption and geopolitical fragmentation are high.

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