International Energy Agency Predicts Peak in Global Fossil Fuel Demand by 2030, Challenging Fossil Fuel Industries

Surge in Solar Power and Clean Energy Alternatives Widen Shift From Fossil Fuels as Big Oil Companies Consolidate Amid Shifting Market Dynamics

The International Energy Agency (IEA) predicts the peak in global demand for fossil fuels, such as oil, natural gas, and coal, will occur by 2030. This projection challenges the fossil fuel industries and signifies a significant shift towards clean energy alternatives.
The surge in solar power and other renewable energy sources is expected to outpace fossil fuels, with a recent study suggesting a global irreversible solar tipping point has been reached. The report anticipates solar energy to be the cheapest source of electricity in almost all countries by 2027.
Big Oil companies, like Chevron and Exxon, are consolidating in a bid to sustain the demand for fossil fuels. Despite IEA's predictions, these corporations argue that the demand for oil will continue to grow post 2030.
The clean energy transition is underpinned by the rapid decrease in costs associated with solar energy, falling by 15% each year between 2010 and 2020. As a result, solar photovoltaic and onshore wind power are around 48% cheaper than the next cheapest energy source, natural gas.
Despite the clean energy momentum, fossil fuel dependent countries and companies may contest this transition. Opponents argue that underinvestment in oil and gas drilling could lead to 'energy chaos' and see it as a threat to their profits and operations.