World Energy Outlook 2022

Why in news?

• According to the World Energy Outlook, the Russian-Ukraine war provides an unprecedented incentive to accelerate the transition to clean energy sources of fuel.

More about the News:

• Russia supplied 40 per cent of Europe’s natural gas, mostly via pipelines. Due to ongoing geopolitical tensions, Russia’s share of internationally traded natural gas may drop from 30 per cent in 2021 to 15 per cent in 2030
• Natural gas demand is expected to be 750 billion cubic metres lower than it is today by 2050, driven by a switch from natural gas to renewables. Oil currently comprises 80 per cent of the global energy mix, but it may drop to 75 per cent by 2030 and around 60 per cent by 2050
• The demand for fossil fuels is expected to decline by 2030.
• All these give opportunity for the world to shift to cleaner renewable fuels.

About World Energy Outlook 2022:

• World Energy Outlook is released by the International Energy Agency annually.
• It presents detailed projections of energy demand, production, trade and investment, fuel by fuel and region by region.

About International Energy Agency (IEA):

• Established in 1974 as per the framework of the OECD, IEA is an autonomous intergovernmental organisation, which aims to ensure reliable, affordable and clean energy for its member countries and beyond

Composition:

• It has 30 members at present. The IEA family also includes eight association countries (including India).
• A candidate country must be a member country of the OECD.

Reports published by IEA:

• World Energy Outlook
• Global Energy & CO2 Status Report.
• World Energy Statistics
• World Energy Balances.
• Energy Technology Perspectives.

PRACTICE QUESTION:

World Energy Outlook is published by:

(a) International Energy Agency

(b) World Economic Forum

(c) International Renewable Energy Agency

(d) World Bank

Answer