A wind farm near Toulouse, France (Photo: AFP)

In its World Energy Outlook 2023, the IEA said that, based on current policy, the growing momentum of clean energy technologies and structural economic shifts around the world holds major implications for fossil fuels.

The share of fossil fuels in the global energy supply, which has been at 80 percent for decades, will fall to 73 percent by 2030, the IEA said. Carbon dioxide (CO2) emissions will peak by 2025.

However, global demand for fossil fuels will remain far too high to attain the Paris Agreement goal of limiting the rise in the average global temperature to 1.5 degrees Celsius.

In 2020, one in 25 cars sold was electric. In 2023, it’s one in five. A record 500 gigawatts of generation capacity for renewables will be reached this year.

Renewables will contribute 80 percent of generated power by 2030 under current policy, with solar alone accounting for more than half of this expansion, the IEA said.