Executive Director of the International Energy Agency Fatih Birolmade important statements about both fossil fuel demand and China. According to Birol, fossil fuel demand will peak. On the other hand, China will play a key role in this process.
Chinese impact on fossil fuel demand
According to the news in futureflow.life, fossil fuel demand will peak. “China is behind the significant increase in global fossil fuel consumption in the last 10 years.” said the Executive Director of the International Energy Agency. Fatih BirolHe emphasized that China has changed the global energy system in the last 10 years.
Stating that China itself has changed, Birol said that the Chinese economy has slowed down, rebalanced and restructured. IEAthinks global demand for fossil fuels will peak by 2030. The most important driving force behind this will be China.
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By the end of the next 10 years, demand for oil, coal and natural gas will peak. Analyzes show this. The share of fossil fuels in the world energy supply will decrease to 73 percent only in 2030, after remaining at the same level (80 percent) for ten years.
According to the IEA report, China is responsible for 50 percent of the increase in global energy demand in the last 10 years. China is responsible for 85 percent of the increase in carbon emissions of the energy sector. The report states, “In 2007, the then Prime Minister of China warned that ‘The biggest problem in the Chinese economy is that growth is unstable, unbalanced, uncoordinated and unsustainable.'”
This rebalancing could have significant impacts on the outlook for China’s energy sector and the wider world, given China’s size. Speaking to CNBC Birolstated that the Chinese economy is now moving away from its former dependence on sectors such as steel and cement production, as well as railways and infrastructure, adding: “They are all in decline.”
Therefore, China’s demand for fossil fuels will be much less than in the last 10 years. Birol is not alone in highlighting a potential major shift in China’s relationship with fossil fuels. Fereidun Fesharaki, president of Facts Global Energy, said at a recent energy conference that China’s oil demand will peak in the next three to five years.