Investments in oil and gas production are important and must continue in tandem with increased investment in renewable and clean technologies, the deputy head of the International Energy Agency said Tuesday.
Amanda Stephenson, The Canadian PressAn imbalance in oil supply and demand is increasing pressure on the highly-anticipated U.S. Presidential election.
The IEA said in that forecast that demand for all three fossil fuels — coal, oil and gas — is set to peak by the end of this decade. It also predicted a potential oversupply of both oil and liquefied natural gas in the second half of the 2020s. “But as I said, our scenarios show a peaking in oil and gas and coal by 2030 ... and that means that even as the investment and production continues in that sector, it will be important for companies to be thinking about how they will respond to markets as they begin to change.”
Among major energy forecasters, the IEA’s predictions for the speed and pace at which the energy transition will happen tend to be more bullish than others. Because the IEA’s forecasts around the net-zero transition are seen as more aggressive than those of other agencies, its reports aren’t always popular in Alberta’s oil country.
“We as a province are really well positioned for a scenario in which the world does not move at pace to dealing with climate change ... but we’re not prepared for the one in which the world is moving quickly towards a net-zero future,” Severson-Baker said.
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