FOR IMMEDIATE RELEASE
WEDNESDAY 16 OCTOBER 2024
World Energy Outlook: renewables surge and global gas glut as we enter the ‘Age of Electricity’
NEW REPORT: The World Energy Outlook 2024 from the International Energy Agency has found:
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We are moving at speed into the Age of Electricity, which is underpinned by clean energy sources like solar and wind.
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Global investment in clean energy is approaching $US2 trillion - almost double the combined amount spent on new coal, oil and gas supply.
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While there is record growth in solar and wind energy, this is occurring alongside growth in energy demand.
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Climate pollution from coal, oil and gas is expected to peak by 2030, but needs to be rapidly falling instead to protect everyone from worsening unnatural disasters.
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We are heading for a global glut in oil and gas supplies in the 2020s with any continued build out of gas only serving to increase demand unnecessarily for this polluting fossil fuel, and displacing much-needed renewable energy.
Climate Councillor, energy expert and former President of BP Australasia, Greg Bourne said:
“Australia doesn’t need any new coal or gas. The International Energy Agency laid out our energy options and all of them point directly to building out clean sources of energy like solar and wind, which Australia has in abundance. Rapidly cutting climate pollution from polluting coal and gas is imperative so Australia keeps up with the global trend.
“Our own research echoes this, showing that if Australia stopped opening new gas projects today, supply from existing projects could meet our shrinking domestic gas needs for more than six decades — a clear signal that it’s time to power past gas, and turbocharge our switch to clean energy.
“The 2024 World Energy Outlook shows in the five years to 2023, Australia’s increase in renewable energy generation was the most rapid globally. With millions of Aussie households and businesses taking up rooftop solar, and thousands of household and community batteries installed, it’s not hard to see why.
“Our coal-fired power generators are on the way out as global demand for coal and gas enters a decline. Expanding coal and gas in Australia is a recipe for climate and economic chaos. Countries that buy most of the fossil fuels we export, like Japan, South Korea, and China, are switching to renewables to cut climate pollution. There has never been a clearer signal to work with countries in our region to grow clean energy, and stop further development of coal and gas.
“This is the right moment for Australia to power past fossil fuels like coal and gas and build out more renewable energy projects. Taking advantage of Australia’s clean energy advantages is critical to strengthening our energy security and affordability as the world electrifies.”
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