BAKU, Azerbaijan, May 24. Some countries may use the war in Ukraine as an excuse for large-scale fossil fuel investments, Executive Director of the International Energy Agency (IEA) Fatih Birol said at the World Economic Forum, Trend reports.
“First, it will forever close the door for us to reach climate targets. Secondly, if companies even fulfill 50 percent of their climate change goals, the fossil fuel investments will be idle in the future. So, there is a business risk as well.
We have huge amount of methane emissions escaping now. Fixing them in just couple of weeks of time is much easier, much more economic and much quicker to bring additional gas to the markets. When building LNG terminals, countries should put 10-15 percent more investment to make them ready in the future to use ammonia or hydrogen imports. I really hope that there is a significant amount of spare production capacity in several producing countries. I hope they are going to make a positive contribution at this stage to the global energy security. But in my view, the biggest part of the response comes from putting emphasis on clean energy, renewables, energy efficiency,” he said.
---
Follow the author on Twitter: @Lyaman_Zeyn