The world must “accelerate the transition to clean energies,” urged COP31 President Murat Kurum on Thursday at a conference at the International Energy Agency (IEA), during which the head of the agency acknowledged the “major challenge” of the Middle East war on the economy.
“We now clearly know that the global economy must change its energy model. And the most crucial step is to accelerate the transition to clean energies,” said Murat Kurum at this meeting in Paris dedicated to energy transition, speaking in Turkish and his remarks were translated by an interpreter.
As in the case of 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, which before the conflict, accounted for 20% of global oil and liquefied natural gas (LNG) transit.
The price of a barrel of Brent, the global oil benchmark, exceeded $126 on Thursday during Asian trading, reaching a peak since the beginning of 2022 when the invasion of Ukraine by the Russian army caused a surge in prices. Since the beginning of the year, the price of Brent has doubled. This spike in prices has significant effects on economies worldwide, with diminishing growth prospects.
The world is facing “a major challenge in terms of energy and the economy,” said IEA Executive Director Fatih Birol on Thursday at the opening of this international conference focused on energy transition, where representatives from states and major energy and financial companies are present.
