World Energy Outlook 2022 shows the global energy crisis can be a historic turning point towards a cleaner and more secure future, reads an IEA press release.
Global energy crisis
For the first time, global demand for each of the fossil fuels shows a peak or plateau across all WEO scenarios, with Russian exports in particular falling significantly as the world energy order is reshaped.
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, according to the latest edition of the IEA’s World Energy Outlook.
Today’s energy crisis is delivering a shock of unprecedented breadth and complexity. The biggest tremors have been felt in the markets for natural gas, coal and electricity – with significant turmoil in oil markets as well, necessitating two oil stock releases of unparalleled scale by IEA member countries to avoid even more severe disruptions.
With unrelenting geopolitical and economic concerns, energy markets remain extremely vulnerable, and the crisis is a reminder of the fragility and unsustainability of the current global energy system, the World Energy Outlook 2022 warns.
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