New Delhi: Oil and gas demand is expected to peak by 2030 under current policies, the International Energy Agency (IEA) has projected, days ahead of the UN Climate Summit (COP28) to be held in UAE, in a region home to some of the largest oil and gas producers globally.
Following the peak, demand will not decline immediately to align with the Paris Agreement goal of keeping warming under 1.5 degrees C or 2 degrees C, but if governments deliver in full on their national energy and climate pledges, then oil and gas demand would be 45% below today’s level by 2050 and the temperature rise could be limited to 1.7 degrees C over pre-industrial levels, the agency added.
In a pathway to reaching net zero emissions by mid-century, necessary for keeping 1.5 degrees C within reach, oil and gas use would need to decline by more than 75% by 2050, it said.
