The World Energy Outlook 2023 offers deep analysis and strategic insights into the global energy system. It explores the impact of economic and energy use shifts on meeting rising energy demand amidst geopolitical tensions and fragile energy markets.
This report also evaluates changes in energy security over fifty years since the IEA's inception and assesses what's needed at the COP28 climate conference in Dubai to uphold the 1.5 °C goal. The Outlook, a trusted publication by the International Energy Agency since 1998, examines energy trends in investment, trade, electrification, and energy access, offering crucial data and impartial analysis for energy supply, demand, energy security, climate objectives, and economic development worldwide.
At the launch event in Brussels, Fatih Birol, the Executive Director of the International Energy Agency (IEA), stated that global emissions are projected to reach their peak by 2025, yet we are currently on a trajectory toward a 2.4 °C increase in global temperatures. He emphasized four key points:
A decade ago, renewable energy sources accounted for 30% of global electricity production. Today, this figure has increased to 40%, and it is expected to reach 60% by the end of the current decade.
Heat pumps are on track to surpass the sales of oil and gas boilers in the near future.
In 2020, one out of every 25 cars sold was electric. This number has now risen to one in five, and it is anticipated to achieve a 50:50 ratio with conventional vehicles by 2030.
While offshore wind energy investment currently stands at half of the investment in fossil fuels, it is projected to triple that of fossil fuels by the end of the decade.