CALGARY – The deputy executive director of the International Energy Agency says investments in oil and gas production are important and must continue in tandem with increased investment in renewable and clean technologies.
Mary Burce Warlick made the comments in Calgary, in a speech just a week after the Paris-based IEA released its most recent forecast for global energy demand.
The IEA said in that forecast that demand for all three fossil fuels — coal, oil and gas — is set to peak by the end of this decade, and it also predicted a potential oversupply of both oil and liquefied natural gas in the second half of the 2020s.
But Warlick, who spoke in the city that is the corporate heart of Canada’s oil and gas sector, says she understands the concerns people have about the energy transition in jurisdictions where jobs and livelihoods depend on fossil fuels.
She says the world still needs oil and gas but companies investing in fossil fuel production will need to balance those investments with the knowledge that the global energy market is changing.
Warlick added while it will be important to support workers through the energy transition, the IEA’s research shows job creation associated with clean energy technologies currently outweighs fossil fuel-related job losses.
This report by The Canadian Press was first published Oct. 22, 2024.