By Paul Homewood

h/t Patsy Lacey

AEP has totally lost the plot now!!

The International Energy Agency has switched sides. It has carpet-bombed the fossil incumbency that it once defended so doggedly.

The shibboleths of the last decade suddenly fall away. The economics of climate change turns upside down. The future headache becomes the risk of failed petro-states with collapsing revenue streams and an obsolete business model. 

Slashing CO2 emissions and switching to renewable energy is not a ‘cost’ or a constraint on rising affluence: it lifts global GDP growth by 0.4pc a year over the course of this decade. World output is 4pc bigger in real terms by 2030.

That is the verdict of the IEA (with the IMF) in its encyclopedic roadmap on global energy on the way to a 1.5 degree world. Net zero by 2050 is the closest thing we have to catechism. The report is the bell that tolls for the fossil age. Not even natural gas escapes the cull.

“We have never seen anything like this before in the history of the IEA. There’s been a universal thumbs up from the climate community,” said Dave Jones from the anti-coal group Ember.

Net zero does not cost jobs: it replaces five million lost in oil, gas, and coal with eight times as many jobs for engineers, electrical experts, offshore operators, solar technicians, or lithium and rare earth miners, whether directly or indirectly.

His claim that the IEA has been a pawn of the fossil fuel industry is risible. It is actually a tool of governments, principally western ones, who are its members. For many years now, the IEA has been banging the drum for renewables, on the orders of those governments.

As for the idea that everybody will be better off without fossil fuels, maybe he would like telling that to householders who will soon have to fork out tens of thousands for heat pumps and insulation, see energy bills tripling and be forced to buy expensive electric cars that they may have difficulty charging up.

In his world, employing 40 million to replace the work of 5 million is sensible.

Meanwhile, the pragmatic governments of Asia will carry on ignoring the IEA.


May 20, 2021