The world must “accelerate the transition to clean energy”, urged COP31 President Murat Kurum on Thursday, during a conference at the International Energy Agency (IEA) during which the head of this agency recognized the “major challenge” of the war in the Middle East on the economy.
“Accelerating the transition to clean energy”
“We now know clearly that the global economy must change its energy model. And the most crucial step is to accelerate the transition to clean energy,” said Murat Kurum, on the occasion of this meeting in Paris dedicated to the transition energetic, who spoke in Turkish and whose words were translated by interpreter.
As with the Russian invasion of Ukraine in 2022, the war in the Middle East has shown the world its strong dependence on fossil fuels, this time with the closure of the Strait of Hormuz by Iran, where 20% of the world’s oil and liquefied natural gas (LNG) transited before the conflict.
“A major energy and economic challengeâ€
The price of a barrel of Brent, the world benchmark for crude, thus exceeded 126 dollars on Thursday during Asian trade, a peak since the start of 2022 when the invasion of Ukraine by the Russian army caused a surge in prices. Since the start of the year, the price of Brent has therefore doubled. This surge in prices is having serious effects on economies across the planet, with diminishing growth prospects.
The world faces “a major energy and economic challenge”, said Thursday the head of the IEA, Fatih Birol, at the opening of this international conference devoted to the energy transition, and at which representatives are present states and large companies in the energy and financial sector.
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