According to the IEA’s annual World Energy Outlook, the demand for coal, gas, and oil is still expected to peak before the end of the decade, potentially leading to a fossil fuel glut.
“We have lived through the Age of Oil and the Age of Coal in the history of energy,” IEA Executive Director Fatih Birol remarked.
“We’re rapidly approaching the Age of Electricity, which will shape the world energy system going forward and see a growing reliance on clean electricity sources,” he declared.
According to the paper, 560 gigawatts (GW) of new renewable energy capacity will be installed by 2023, meaning that clean energy is “entering the energy system at an unprecedented rate.”
Every year, around $2 trillion is invested in clean energy projects—nearly twice as much as was previously spent.
