Russia¡¯s invasion of Ukraine heralds a tipping point for global energy markets that will shrink Moscow¡¯s influence and hasten the transition to renewables, the International Energy Agency said.
Demand for all fossil fuels is set to hit a plateau from the middle of this decade as governments seek to shield themselves from the crisis by diversifying toward clean energy, the Paris-based agency said in its World Energy Outlook. Russia¡¯s share of world oil and gas markets will halve by 2030, it predicted.
¡°Energy markets and policies have changed as a result of Russia¡¯s invasion of Ukraine, not just for the time being, but for decades to come,¡± said IEA Executive Director Fatih Birol. ¡°The energy world is shifting dramatically before our eyes.¡±
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