IEA: Oil Demand to Rise, Climate Goals at Risk

International Energy Agencys new report suggests global oil and gas demand could grow until 2050, contradicting previous predictions of a swift transition to cleaner energy. The agency now believes the world may miss its climate goals. This shift comes after pressure from the US to focus more on clean energy policies, a change from the previous administrations emphasis on expanding oil and gas production. The IEA now predicts oil demand will reach 113 million barrels per day by mid-century, a 13% increase from current levels. Global energy demand is forecast to rise by 15% by 2035. The report focuses on current policies, not aspirations or pledges, as not enough countries have submitted new climate targets. The world is projected to surpass the 1.5°C warming limit set in the Paris Agreement, making achieving global climate targets increasingly difficult.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.