Volatile energy markets are here to stay if investment in sustainable power fails to keep up with energy demand, IEA warns

energy, supply, demand, prices, volatile,
Gulf
  • Date: 13-Oct-2021
  • Source: Business Insider
  • Sector: Oil & Gas
  • Country: Gulf
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Volatile energy markets are here to stay if investment in sustainable power fails to keep up with energy demand, IEA warns

A surge in energy prices in Europe and Asia due to could become the norm if investments in renewable sources aren't accelerated, the International Energy Agency warned in The watchdog group said that while demand for energy continues to surge as global population growth continues and millions of people are lifted out of poverty every year, it will be essential for supply to play catch-up to avoid an ongoing surge in oil, coal, and natural gas prices. "We are not investing enough to meet future energy needs, and the uncertainties are setting the stage for a volatile period ahead," the IEA said. A lack of investment in renewable energy sources like solar and wind could be a lose-lose situation for the global population, as it would lead to a continued rise in carbon emissions and could also contribute to an economic shock if energy prices stay elevated. To achieve the goal of transitioning to net-zero emissions by 2050, the energy grid needs to play a delicate balancing act in matching supply with demand when transitioning away from fossil fuels and toward less carbon-heavy alternatives. "If the supply side moves away from oil or gas before the world's consumers do, then

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