IEA warns against using fossil fuel to contain energy crisis

The energy security crisis since Russia’s invasion of Ukraine should not lead to a deeper dependence on fossil fuels, International Energy Agency (IEA) Executive Director Fatih Birol said on Monday. (23).

The right investments, especially in renewable energy and nuclear energy, mean the world doesn’t have to choose between energy shortages and accelerated climate change due to fossil fuel emissions, Birol told the World Economic Forum.

“We need fossil fuels in the short term, but we are not going to block our future using the current situation as an excuse to justify some of the investments that are being made. It doesn’t work in terms of time, nor morally, in my opinion,” Birol told the delegates in Davos, Switzerland.

The IEA, a leading energy watchdog, warned investors last year not to fund new oil, gas and coal supply projects if the world wants to achieve net zero emissions by mid-century.

Short-term demand means the world cannot immediately get rid of traditional energy supplies, Birol said, adding that he expects producing countries with the capacity to export more energy to make a “positive contribution”.

The alliance of OPEC+ oil exporters has been releasing oil incrementally into markets, with Saudi Arabia and the United Arab Emirates, the main producers, delaying tapping into full capacity.