The world’s leading energy watchdog will next week throw its weight behind calls for governments to implement pledges to fight climate change and cut fossil fuel subsidies, warning that a failure to do so would significantly inflate oil prices.
The International Energy Agency forecasts that implementation of new environmental policies would result in oil prices roughly $20 a barrel lower by 2035 than under current policy commitments. Demand would be almost 10 per cent lower.
“The message from this analysis is clear: the weaker and slower the response to the climate challenge, the greater the risk of oil scarcity and the economic cost for consuming countries,” says the IEA.
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