The Energy Agency warns that the energy crisis will increase dependence on fossil fuels | latest news

Fatih Birol, director of the International Energy Agency, said on Monday that the energy security crisis that has raged since the Russia-Ukraine war should not lead to greater dependence on fossil fuels.

Addressing the World Economic Forum, Birol added that directing the right investments, especially in the field of renewable energy and nuclear energy, means that the world is in need of a choice between energy shortages and accelerating the pace of climate change due to the harmful emissions that result from the use of fossil fuels.

He told delegates participating in the forum in Davos, Switzerland: “We need fossil fuels in the short term, but let’s not look to our future from the perspective of the current situation on the grounds that it is an excuse to justify some of the investments that are being made.”

The Paris-based International Energy Agency warned investors last year not to keep financing new oil, gas and coal projects if the world really wanted to eliminate harmful emissions by mid-century.

Birol added that short-term demand means that the world will not be able to dispense immediately with conventional energy supplies, noting that he hopes that producing countries that have excess production capacity for export will make a “positive contribution.”

The OPEC + alliance is gradually increasing oil production, which is pumped into the markets at a predetermined pace, while Saudi Arabia and the UAE have refrained from producing at full capacity.

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