Shannon Van Hoesen, shannon.vanhoesen@sierraclub.org
Washington, DC - The IEA published its annual World Energy Outlook today, which shows that progress is being made to move the global economy to renewable resources, but there is still too much reliance on fossil fuels that put energy security and the future livability of the planet at risk.
Thanks to existing policies, including the U.S.’s Inflation Reduction Act, IEA predicts global fossil fuel demand will peak by 2030 and urges that the transition to renewable energy must happen as quickly as possible. “The sooner the better,” according to IEA Executive Director Fatih Birol.
The report comes on the heels of a series of decisions that would stymie the progress made towards decarbonizing the global economy. Just yesterday, oil-giant Chevron announced it would buy Hess, another fossil fuel company, in a $53 billion buyout. The news of Chevron’s investment is the second major oil company acquisition this month. At the beginning of October, ExxonMobil will acquire Pioneer Natural Resources for an even larger sum, $59.5 billion.
Last week, the Federal Energy Regulatory Commission approved the expansion of a gas pipeline, GTN Express, and expedited construction at Plaquemines LNG, a gas export facility, despite a local drinking water crisis. Meanwhile, the Biden administration is currently weighing a number of proposals to expand or build-out additional gas export capacity, including one project known as CP2, another proposed LNG export facility in Louisiana that would have emissions equivalent to 51 coal-fired power plants.
In reaction, Sierra Club Beyond Dirty Fuels Director Patrick Grenter issued the following statement:
“The IEA report makes strikingly clear what many of us in the environmental movement already know too well – we are running out of time to wind down the use of fossil fuels. Yet, the blockbuster buyouts by Chevron and ExxonMobil demonstrate that Big Oil and Gas are doubling down. The transition to renewable, clean energy will not happen on its own and that is why we need President Biden and his administration to lead the way and reject any new or expanded oil and gas project. Fossil fuel extraction and export is not in the public interest, plain and simple.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.