'Age of electricity' to follow looming fossil fuel peak, IEA says

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The Star 9h ago

'Age of electricity' to follow looming fossil fuel peak, IEA says - The Star

Quick Summary:

LONDON: The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, meaning surplus oil and gas supplies could drive investment into green energy, the International Energy Agency said on Wednesday.

Around $2 trillion is expected to be invested in clean energy in 2024, almost double the amount invested in fossil fuels.

The report also lays out the likely impact on future oil prices if stricter environmental policies are implemented globally to combat climate change.