In a World Fighting Climate Change, Fossil Fuels Take Revenge
https://www.bloomberg.com/news/articles/2021-10-10/in-a-world-fighting-climate-change-fossil-fuels-take-revenge?sref=866aH6XXfossil fuel demand is already flirting with pre-pandemic levels, which means emissions are on the rise too. On current trends, the combined consumption of coal, natural gas and oil is likely to hit an all-time high by mid-2022.
“This is the revenge of the fossil fuels,” said Thierry Bros, an energy expert and professor at Sciences Po in Paris.
The situation points to a daunting new phase for the energy transition, with growing tensions among the disparate policy objectives of simultaneously reducing emissions, keeping prices low, and guaranteeing security of supply. The pace of the effort could even be at risk if soaring prices dent public support for climate policies.
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The demand surge has challenged many assumptions about how quickly the world would decabornize. Faced with an energy crisis, many consuming nations zoned in on older fuels. The White House urged the OPEC cartel to increase oil production fast, and the International Energy Agency asked Russia to pump more gas. China ordered banks to prioritize loans to coal miners to boost supplies.
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And yet, the world’s dirtiest fossil fuel won’t go away. Global consumption peaked in 2014, but rather than fall rapidly, as many expected, it stabilized in a gentle plateau. And now, just as the fight against climate change intensifies, it’s growing again, with the resurgence largely driven by China.
