‘A New Global Energy Economy Is Emerging’ says IEA Chief – TIME

by | Sep 15, 2022 | Energy

Global leaders have argued for years that the urgency of addressing climate change and the long-term opportunity of investments in renewables would ultimately drive a transition away from fossil fuels to clean energy. By adding security concerns to the equation, the Russian invasion of Ukraine early this year has accelerated the move, says Fatih Birol, the executive director of the International Energy Agency, and may serve as “a turning point in the history of energy policy.” “Looking at all the numbers day by day across the world, I see a new global energy economy is emerging,” he said in a Sept. 13 interview. “This is wind, this is efficiency, this is heat pumps, this is nuclear power, this is hydrogen, and others.” The evidence of the accelerating transition to a new energy economy is everywhere across the globe as policy makers respond to pressures on multiple fronts. Birol cited the $369 billion Inflation Reduction Act in the U.S., the $210 billion RePowerEU program in the European Union, and the $146 billion Green Transformation program in Japan. All three rely on government spending to foster low-carbon energy sources at the expense of fossil fuels and advance the countries’ promises to reduce emissions. “The consequence of this global energy crisis may end up being that fossil fuels, all of them, have an outlook less optimistic than it was before,” says Birol. Beyond their climate and security implications, these massive government programs have a competitive focus as countries push for the creation of dome …

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