The global energy crisis has not yet reached its peak and is likely to worsen as the northern hemisphere winter approaches, the head of the International Energy Agency has warned, while voicing confidence that clean energy will help resolve the crunch.
Dr Fatih Birol, executive director of the IEA, described the current situation as “the first global energy crisis”, and voiced concern about the impact on the worldwide economy.
The comments come as the east coast of Australia is gripped by a sustained energy supply crunch, which has driven up wholesale electricity and gas prices to record levels, hammering industrial customers and households.
Dr Birol compared the current situation in global energy to the 1970s, when twin oil supply shocks hit hard and triggered a global recession.Oscar Colman He voiced optimism that the transition to low carbon energy would get a boost from the current global energy crisis, pointing to commitments by many national governments to accelerate the push to low-carbon energy.Dr Birol warned the tensions between emissions reduction goals and the need to meet immediate security of supply issues must not lead to further investments that would lock in fossil fuel production. He said resolving that conflict would be “difficult but not impossible”.
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