IEA says Energy Markets Changed ‘for Decades to Come,’ Sees Fossil Fuels Declining by mid-2020s

Amid a “profound reorientation” in international energy markets due to a supply disruption following Russia’s invasion of Ukraine, global demand for natural gas, coal and oil is expected to peak or plateau by the mid-2030s, the International Energy Agency (IEA) said Monday.

In its annual World Energy Outlook (WEO-2022), the IEA said the global energy crisis is causing “profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system.” Notably, the outlook includes a prognostication that Russian fossil fuel exports will never return to the levels seen in 2021.

The global energy watchdog said the crisis is delivering “a shock of unprecedented breadth and complexity,” with the biggest tremors in the...