Mark Campanale founder and executive chair of Carbon Tracker said:
“Ahead of the most important climate meeting in decades the IEA has stepped up to the plate to give us real guidance on managing the climate crisis.
“The IEA notes that fossil fuel demand has reached a peak in almost all its scenarios. We stand on the cusp of a new era.
“Importantly, it sets out what needs to be done beyond existing pledges to reach net zero by mid-century and repeats that there is no need for new investment in oil, gas and coal if we are to stay within 1.5C.
“It shows that the unstoppable energy transition means more jobs, lower household energy bills, and less deaths from pollution, not to mention averting climate breakdown and reducing divisive fossil fuel import dependency.
“It underlines that current high energy prices are the last gasp of a peaking fossil system. To escape from that depressingly familiar boom and bust world the IEA is right to say that world leaders need to do much more to build out renewables, and quickly.
“A weakness perhaps, is that it remains excessively cautious about falls in renewable energy costs and growth rates worldwide. Add those in, and positive innovative change that will bring us back from the brink is just within reach.”