BAKU, Azerbaijan, June 9. By 2030, around 55 EJ per year of oil consumption could be avoided, which equates to approximately 30 million barrels of oil per day, around triple Russia’s average production in 2021, Trend reports with reference to the International Energy Agency (IEA).
“These reductions would reduce energy costs by between around USD 400 billion to just over USD 1 trillion, depending on oil prices – with the higher value assuming recent market conditions. The majority of this avoided oil consumption comes from the transport sector with smaller but significant reductions from industry and buildings.
For example, in the net zero emissions (NZE) Scenario, 20 percent of all cars are electric in 2030. For traditional cars, strict fuel-economy standards continue to play a crucial role through to 2030 along with behavioural shifts, such as increased use of public transport, walking and cycling, as well as train travel replacing short haul flights,” reads the latest IEA report.
The agency analysts believe that the next largest reduction in fossil fuel use comes from natural gas with around 23 EJ per year avoided by 2030. This equates to approximately 650 bcm, about four times the European Union’s 2021 imports of gas from Russia.
“Around 17 EJ of energy demand is avoided from coal use, equating to almost 500 megatonnes, equivalent to around 1.5 times China’s total coal imports in 2021. This reduction is mainly in the industrial sector as a result of a substitution towards electricity and modern bioenergy. For households alone, enhanced efficiency and related avoided energy demand could help contribute to reducing global household energy bills by at least USD 650 billion a year by 2030 in the NZE.”
---
Follow the author on Twitter: @Lyaman_Zeyn
