The International Energy Agency (IEA) issued a report this week on the momentous scale of the energy transition that will be required by 2050 to limit the rise in global warming to below 2C. The report, Perspectives for the Energy Transition – Investment Needs for a Low-Carbon Energy System, was created in partnership with the International Renewable Energy Agency (IRENA) at the request of the German government to provide input for the G20 presidency.
The report said oil and particularly gas will play a prominent role in the transition, but the IEA/IRENA estimate of the percentage of fossil fuels in the primary energy demand mix is sharply at odds with that of industry consultancies and the international oil majors.
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