Agency director said energy crisis should not increase investment in oil, gas and coal sources
The executive director of the IEA (International Energy Agency), Fatih Birol, said on Monday (23.May.2022) that the energy security crisis, accentuated by the war in Ukraine, should not lead to a deeper dependence on fossil fuels. . Information is from Reuters.
During the World Economic Forum, Birol said that sound investments, particularly in renewable and nuclear energy, mean the world does not have to choose between energy shortages and climate change accelerated by the emission of oil, gas and coal.
We need fossil fuels in the short term, but we are not going to block our future by using the current situation as an excuse to justify some of the investments being made. It doesn’t work in terms of time, nor morally, in my opinion.“, he said.
In 2021, the IEA had already warned investors not to finance new projects to supply these fuels if the world wants to go to zero net emissions by mid-century.
Birol also said short-term demand means that traditional power distribution cannot be immediately eliminated. He said he hoped that producing countries with the capacity to export more energy would “positive contribution”.
Oil is released incrementally by the OPEC+ oil exporters alliance, which delays tapping into full capacity. Saudi Arabia and the United Arab Emirates are the main producers.
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