IEA Warns of Deepening Energy Crisis and Dependence on Fossil Fuels, Reports Reuters

Davos, Switzerland – Fatih Birol, the chief of the International Energy Agency (IEA), emphasized on Monday that the energy security crisis triggered by Russia’s invasion of Ukraine should not result in increased reliance on fossil fuels.

Speaking at the World Economic Forum, Birol highlighted that strategic investments, particularly in renewable energy and nuclear power, can help avoid a choice between energy shortages and exacerbated climate change due to fossil fuel emissions.

"We need fossil fuels in the short term, but we should not compromise our future by using the current situation as a rationale for certain investments. It is unsustainable both in a temporal and moral sense," Birol stated.

The IEA, based in Paris, cautioned investors last year against funding new oil, gas, and coal supply projects if the goal is to achieve net-zero emissions by the middle of the century.

Birol acknowledged the immediate demand for traditional energy sources, expressing hope that energy-producing nations capable of increasing exports would contribute positively to the situation.

The OPEC+ group of oil exporters has been gradually increasing oil supply to the markets, while leading producers like Saudi Arabia and the United Arab Emirates have been cautious in fully utilizing their production capacity.