The world is dealing with a crisis of unprecedented breadth and complexity.
Oil and gas markets are facing major uncertainties amid today’s geopolitical upheaval.
High energy prices have stoked inflation and created a looming risk of global recession.
Governments around the world are responding to the crisis by doubling down on clean energy – in the US, EU, Japan, China, India and elsewhere.
Their new policies are set to help global clean energy investment rise above $2 trillion a year by 2030, an increase of over 50% from today.
For the first time ever, today's policy settings are strong enough to deliver a distinct peak in fossil fuel use within this decade.
This isn't enough to avoid severe climate impacts, but it's progress from where we were a few years ago.
Stronger policies can steepen the decline.
Progress in policies and technologies since 2015 has shaved 1°C off projected global warming, but much more is needed to reach the temperature goals of the Paris Agreement.
Implementing announced climate pledges in full would lower warming to 1.7°C, moving us closer to safer ground.
This year's WEO makes clear the long-term impacts of Russia's actions on its energy exports. Russian fossil fuel exports never return – in any of our scenarios – to their 2021 levels.
Within 10 years, Russia’s share of internationally traded oil and gas is set to fall by half.
Amid these major changes, a new energy security paradigm is needed to ensure reliability and affordability while reducing emissions.
That's why World Energy Outlook 2022 provides 10 principles to help guide policymakers through the period of declining fossil fuel and expanding clean energy systems.
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