Why the IEA is 'calling time' on the fossil fuel industry

The Paris-based IEA is calling for a stop to new oil, gas and coal exploration but also for an end to the dominance of hydrocarbons. Energy investment needs to rise to US$5 trillion annually by 2030, mostly in clean energy, up from US$2 trillion today, it said.

“They’ve had to change because of the speed at which policymakers have decided to do something about global warming and because of the rapidly declining costs of renewable energy,” said Kingsmill Bond at Carbon Tracker. “They have had to reinvent themselves.” The IEA fiercely denies it is beholden to or speaks for the oil and gas industry, stating that its mandate is energy security and, since 2015, to help governments transition towards cleaner fuels.

A public letter in 2019 asked the IEA to develop a net zero scenario — and immediately got the leadership’s attention. A handful of IEA member countries, including the Netherlands, Germany and Canada, then made similar requests. Now, it is not only calling for the end of oil and gas’s prominence, its report says “the world has a viable pathway.”Oil prices are rising — crude rose to US$70 a barrel on Tuesday, the highest in more than a year — and dramatic falls in investment in new production amid the coronavirus crisis mean the IEA is now priming the world for a supply shortage, says an investor.

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