The report stated that the rising oil demand is slowing down but it will not be reversed before 2040 even as electric car sales rise steeply. “Electric vehicles (EVs) are in the fast lane as a result of government support and declining battery costs but it is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keep pushing demand higher. The US becomes the undisputed leader for oil and gas production for decades, which represents a major upheaval for international market dynamics,” said Fatih Birol, IEA’s executive director.
It said the boom years for coal were over in the absence of large-scale carbon capture, utilisation and storage (CCUS). Since 2000, coal-fired power generation capacity has grown by nearly 900 gigawatts (GW), but net additions from today to 2040 are only 400 GW and many of these are plants already under construction. In India, the share of coal in the power mix drops from three-quarters in 2016 to less than half in 2040, the report said. Read More…
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