The International Energy Agency (IEA)’s 2022 World Energy Outlook report has confirmed fossil fuels are driving skyrocketing power prices globally, with coal, oil and gas 90% responsible for electricity prices increasing, and gas alone being 50% to blame.
This outlook comes a year after the IEA called for an immediate end to fossil fuel expansion.
Related article: Clean energy industry applauds Federal Budget
Andrew Stock, Climate Councillor, former Origin Energy executive and past director of the Clean Energy Finance Corporation, said, “This week’s Federal Budget spelled grim news for Australians already feeling the pinch, with a big spike in power prices on the way. The IEA report has made it abundantly clear that fossil fuels are the root cause of this problem, particularly gas, which is the most expensive form of power in Australia.
“This global report points to an obvious, affordable solution—a rapid transition to renewable energy. Which would be a win for households, businesses, jobs and the climate.
“Solar and wind are the cheapest sources of power globally, and are already outcompeting fossil fuels. The report highlights the forecast increase in total global energy demand to 2030 will be met almost entirely by renewables.
“The message for Australia is clear. After a wasted decade, we are now on the right track, but have tremendous ground to make up.”
Climate Council senior researcher Dr Carl Tidemann said, “For the first time ever, the IEA has identified that global demand for fossil fuels will peak by the mid 2020s. This is the curtain call for coal, oil and gas.
“We are just over a week out from the COP27 UN climate Summit in Egypt. World leaders must heed the IEA’s advice and grasp this chance to tackle the energy crisis and the climate crisis together.
Related article: Australia signs pledge to cut methane emissions by 30%
“Australians shouldn’t continue to bear the burden of fossil-fuel driven price pain, just so that fossil fuel corporations can continue to rake in mega profits, while continuing to fuel climate change.”
Based on Australia’s high emissions, economic strength and vast untapped opportunities for renewable energy, Australia should be aiming to reduce its emissions to 75% below 2005 levels by 2030. Here’s 10 climate game-changers to get us started.
