New Age of Electricity Looms as Fossil Fuel Demand Peaks

The International Energy Agency predicts a new era for electricity as fossil fuel demand peaks by decade's end. Surplus oil and gas could shift investment toward green energy. Uncertainties remain due to geopolitical conflicts and pending 2024 elections in major energy-consuming countries.

The world stands on the cusp of a green revolution, with fossil fuel demand poised to peak by the end of the decade, according to the International Energy Agency (IEA). With potential surplus oil and gas supplies, investment in green energy could see a significant boost.

Uncertainties cloud this optimistic outlook, as geopolitical tensions in the oil and gas-rich Middle East and Russia pose risks. Furthermore, the impending 2024 elections in key countries that account for half of global energy consumption add to the unpredictability.

Despite the challenges, the IEA highlights record high clean energy integration, though it warns that efforts must be accelerated to meet rising electricity demand and reduce reliance on fossil fuels.

(With inputs from agencies.)