Big strides will be made towards 2030 in replacing fossil fuels. The International Energy Agency estimates that from that year onwards demand for fossil fuels will decline around the world. The International Energy Agency predicts that more and more partial and fully electric cars will be on the road, and that by 2030 there will be about ten times as many as now. The IEA expects that 40% of all new cars sold worldwide will be electric vehicles. According to current projections, electric cars will save five million barrels of oil per day by 2030. In addition, the Chinese economy is growing more slowly and shifting to clean energy. As a result, demand decreases and the need for investments in fossil fuels decreases. The agency’s report stands in stark contrast to OPEC’s view. The oil cartel predicts that demand for oil will increase long after 2030, and calls for trillions of dollars to be invested in the oil sector. However, the International Energy Agency believes that demand for oil, natural gas and coal will peak this decade. This forecast is based on current government policy. “The clean energy transition is happening all over the world and cannot be stopped,” says Fatih Birol, Director of the International Energy Agency. “It is not a question of how often it happens, it is just a question of how fast it happens. The sooner, the better for all of us.”
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