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Fossil fuels are forecast to dry up, but not soon enough
This decade could see the beginning of the end of fossil fuels’ dominance as a source of energy, according to a new report from an agency that was formed to safeguard the world’s oil supply. It’s the latest signal that the global energy economy is on the verge of a dramatic transformation.
The International Energy Agency (IEA) came together in the midst of the 1970s oil crisis to monitor global supply and demand and foster cooperation on energy policy. For the first time, its annual World Energy Outlook predicts that oil demand will reach a peak and begin to decline in all the future scenarios the agency examined — and it sees that as a good thing.
In the most optimistic scenario, with countries standing by…